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2011 sales numbers spur optimism about this year's Twin Cities housing market

The number of homes sold in the Twin Cities area reached a five-year high and was up eight percent from 2010. Half of those were foreclosures or short sales. But Realtors say those properties are "working their way through the system."
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The number of homes sold in the Twin Cities area reached a five-year high and was up eight percent from 2010. Half of those were foreclosures or short sales. But Realtors say those properties are "working their way through the system."

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St. Thomas report shows optimism about Twin Cities housing market

A report from the business school at the University of St. Thomas says low-priced homes are getting snapped up by first-time homebuyers and investors. Many are foreclosures, but conventional home sales are up, as well, with the median price just under $200,000.

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Last month, the median sales price of homes jumped about 11 percent to $169,000 from the same month last year, according to a new report by the Minneapolis Area Association of Realtors. The number of pending purchase agreements also spiked 27 percent, while closed sales increased 21 percent. However, the inventory of homes for sale continued to fall in May.

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