Home prices continue to bounce back in Twin Cities metro - Bring Me The News

Home prices continue to bounce back in Twin Cities metro

Figures from the Minneapolis Area Association of Realtors show the median home price in the 13-county metro climbed to $175,000 in October -- up nearly 15 percent compared with the same period a year ago. MPR reports October was the eighth straight month of price gains. Pending and completed sales were also up last month.
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Figures from the Minneapolis Area Association of Realtors show the median home price in the 13-county metro climbed to $175,000 in October -- up nearly 15 percent compared with the same period a year ago. MPR reports October was the eighth straight month of price gains. Pending and completed sales were also up last month.

A reduced supply of homes for sale is helping boost prices. The Pioneer Press notes inventory has dropped 41.4 percent compared with a year ago.

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Rochester single-family home sales also rose 36 percent in October compared to last year, according to newly released statistics from the Southeast Minnesota Association of Realtors. The Post Bulletin reports October's median sales price in the Med City was $162,000, up 5 percent from 2011.

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Home sales, prices continue uptick in Twin Cities metro

September was another good month for home sellers in the 13-county Minneapolis-St. Paul metro. The Business Journal says pending sales grew 11 percent last month, compared to the same month a year ago, according to the Minneapolis Area Association of Realtors. The median home sales price also increased 12.3 percent to $174,000 in the Twin Cities area, Finance & Commerce reports. However, the number of homes for sale dropped 29.4 percent -- the lowest level in nearly a decade.

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The number of homes on the market in the Twin Cities was down more than 30 percent last month -- the lowest inventory levels in nearly a decade, according to the Star Tribune. The median home sales price in the 13-county metro area jumped 15.5 percent to $179,000 compared with a year ago.

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