Updated:
Original:

Twin Cities home prices march higher but sales decline

Author:

The median price of homes selling in the Twin Cities in March rose again last month, increasing by 7.6 percent to $190,000. It was the 25th consecutive month that prices climbed.

Citing new data released Thursday by he St. Paul and Minneapolis area associations of Realtors, the Pioneer Press reports the market continues to be held back by a low inventory of homes for sale continues to hamper the market. The Star Tribune noted that the month's in-and-out-like-a-lion weather likely chilled some activity by buyers. There were also ever fewer foreclosures in the mix; traditional sales, as opposed to distressed bank-mediated sales, tend to be priced higher.

"Some would-be sellers have been lifted out from underwater by rising prices and less competition from foreclosures," said Emily Green, president of the Minneapolis Area Association of Realtors.

New listings that rose by 5.5 percent last month may help to ease the tight supply.

"While low inventory has been a concern, new listings are up," said Michael Hunstad, St. Paul association president. "I would anticipate an increase in new listing activity as the spring market and weather continue to warm up."

Finance and Commerce reported that closed home sales in the 13-county Twin Cities region fell 16.7 percent between March 2013 and last month. Pending sales also were down 8.4 percent from a year ago.

According to data from the Minneapolis association, Carver County saw the biggest increase in median prices in the 13-county metro last month, up 39 percent. Ramsey County's median home price rose 17 percent and Hennepin County's went up by 8 percent.

Next Up

Joel Eriksson Ek

Eriksson Ek's hat trick completes Wild's rally over Jets

A late review helped the Wild win their home opener.

Screen Shot 2021-10-19 at 8.11.35 PM

Watch: Marcus Foligno starts fight with a superman punch

Foligno was not messing around in the first period.

Union Gospel Mission graffiti side by side - Duluth PD

Vandals target longstanding Duluth soup kitchen, transitional housing site

Union Gospel Mission has been operating in the city since 1922.

i-94 crash st. michael - 2021.10.19

At least 1 dead after 'serious crash' on I-94 in St. Michael

That side of the highway is expected to be closed for at least a few hours.

House for sale

The crazy Twin Cities housing market is showing signs of slowing down

Agents are seeing fewer multiple offers and no inspections are less prevalent.

Ben Simmons

Simmons' reunion with 76ers lasts mere days, chance for Wolves?

Woj says the Sixers remain "steadfast" in their plans for Simmons.

mitchell ottinger

Sub teacher involved in 'sextortion' of more than 10 minors pleads guilty

Some of the minors he knew from the school district where he worked.

flickr ice castles new brighton 2020 - Greg Gjerdingen

The Ice Castles, a winter favorite, are coming back to the Twin Cities

The popular attraction was canceled last winter due to COVID.

joey meatballs

4 new vendors coming to Rosedale's POTLUCK food hall

Three restaurants and a VR company are opening soon.

flickr - Lorie Shaull - Line 3 pipeline Palisade July 2021

Enbridge misses deadline to fix its groundwater blunder

The company had 30 days to stop the leak it caused by not following its submitted plans.

wikimedia commons - the beach boys 2019 - joergens.mi

Beach Boys bringing 2021 holiday tour to Minnesota

The iconic band's "Holiday Harmonies" tour stops at Treasure Island just before the new year.

Related