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Metro real estate market cooling slightly with weather

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The hot Twin Cities market for residential property appeared to cool a bit in September, but prices continued to push upward and sales still outpaced the same month compared to a year ago.

The Pioneer Press reports that the median sales price of metro area homes climbed to $195,000, an increase of almost 12 percent compared with last September. The figures were contained in data released Thursday by the Minneapolis and St. Paul Area Associations of Realtors.

The Star Tribune characterized the fall housing market as "brisk," marked by a 20 percent jump in new listings. Metro homes are selling faster than September, with an average of 71 days on the market; the average was 101 days a year ago.

MPR reports a significant drop in distressed properties, with foreclosures making up less than a quarter of closings. Two years ago, they comprised nearly half of all completed sales.

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