Foreclosures drive down Twin Cities home prices

The average home in the metro area is now going for around $149,000. That's about 10 percent lower than a year ago. Foreclosures and short sales, economic fears and budget-minded buyers are keeping prices down despite stronger sales.
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The average home in the metro area is now going for around $149,000. That's about 10 percent lower than a year ago. Foreclosures and short sales, economic fears and budget-minded buyers are keeping prices down despite stronger sales.

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The Minneapolis Area Association of Realtors says despite another increase in sales, the median home price in the Twin Cities dropped 9 percent to $155,000.

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The latest report shows the median price for a home in the metro area down about 7 percent, to $155,000. Still, closed sales are up about 26 percent from a year ago.

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