Skip to main content
Updated:
Original:

Drop in Twin Cities home sales attributed to fewer foreclosures

Author:

It might seem like a paradox at first. A drop in home sales means the market is stronger?

But the latest numbers from Twin Cities Realtors suggest exactly that, Finance & Commerce reports. Analysts say the main reason last month's overall sales were down nearly 6 percent compared to a year ago was due to fewer foreclosures and short sales.

The president of the Minneapolis Area Association of Realtors tells Finance & Commerce clearing distressed properties off the market is a healthy sign, noting that traditional sales were actually up more than 13 percent in November.

In their announcement the Realtors point out that a year ago foreclosures and short sales comprised 35 percent of the closings in the 13-county metro area. Last month that was down to 22 percent.

November's median price held steady at $195,000, which is 13 percent more than last year. Minnesota Public Radio notes that sellers were getting 95 percent of their original asking prices, which was the most since 2005.

The Mankato Free Press reported recently that home sales and prices are climbing in south central Minnesota, where real estate agents say the biggest problem is the relatively small inventory of homes on the market.

The Winona Daily News says a report on housing sales in southeastern Minnesota from January through September found sales were up, with the fastest growth in Houston County.

Next Up

mpd aldi incident screengrab

Video shows MPD officer grab, throw Aldi customer

The department says the matter was referred to the Office of Police Conduct Review.

US Sec Defense Flickr - Joe Bide Nov 11 2021

Biden lays out wintertime plan to curb COVID's spread

It comes as the U.S. reported its second case of the omicron variant.

Willow River DOC

MN Dept. of Corrections offering $5K bonuses as it seeks to hire 200

The DOC is offering hiring bonuses for new employees and for referrals.

covid

3rd federal medical team to join COVID-19 fight in Minnesota

There are more than 1,500 people with COVID-19 admitted to Minnesota hospitals.

hospital, emergency room

Driver killed after other motorist crosses into opposite lane

The head-on crash occurred early Thursday, just north of the Twin Cities.

shot clock

MSHSL approves shot clock for Minnesota varsity basketball

Shot clocks will be required at all varsity games beginning in 2023-24.

Redmons Popcorn Colbert screengrab

Popcorn shop featured on 'The Late Show' has to close 2 days later

A county inspection after the national TV appearance found code violations.

covid, vaccine

Minnesotan infected with omicron was vaccinated, had booster shot

The Hennepin County man received his booster shot in early November.

Related