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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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Foreclosures and short sales made up about half of the home sales in the Twin Cities area by the end of 2011. But even among traditional sales, prices are plunging. The median price fell more than ten percent last year, down to $190,000.

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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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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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