It's the sixth month in a row now that statewide home sales have increased. While it's welcomed good news, the report adds home prices dipped last month -- with the average home selling for about $140,000.
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A new report from the Minneapolis Area Association of Realtors show median sales price rose 10.7 percent to $179,500 in the 13-county Twin Cities metro. Closed sales also grew 13.8 percent last month.
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.
The number of Minnesota homes sold increased in November. According to the Minnesota Association of Realtors, housing sales were up 11.2 percent compared to a year ago. However, home prices remain low. The report blames foreclosures for keeping values down, but credits bargin prices and low interest rates for the improved sales.
Even amid a slow crawl out of the recession, waterfront and luxury homes sales in Minnesota are selling well. On Sunday, realtors are hosting a special open house tour of 127 homes for sale on 43 different Minnesota bodies of water.
Realtors report the number of pending sales last month was up more than one-third compared to a year earlier. And while prices dropped another 1.4 percent, that's the smallest decline in more than a year.
The number of closed sales last month rose 7.1 percent compared with last year, while the median price of those deals jumped 12.4 percent to $163,000.
