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Metro residential sales in July best in seven years

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Yes, it's another story about the booming housing market in the greater Twin Cities area.

The Star Tribune declared July sales to be "star-spangled" in the 13-county metro area, based on the approximate 5,700 closings in the area. According to the monthly report by the Minneapolis Area Association of Realtors, the rate of closings comes in at about 19 percent higher than the number of closed home sales in July of 2012. It adds up to the highest number of home sales for the month in seven years, the most since July of 2006.

The median price of those closings was also up significantly, with a 17 percent hike over a year ago. That puts the median price for a home in the metro at $210,000.

The newspaper concludes that a combination of factors, including healthy upper-bracket sales, declining foreclosures and more bidding wars, put sales in the industry close to pre-crash levels.

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