Report indicates recovery in Twin Cities housing market

A new report from the Minneapolis Area Association of Realtors says median home prices rose to nearly $180,000 in July, its highest percentage gain in eight years. The report says the 14.3 percent increase over last year's prices came as the number of homes on the market declined and higher-priced traditional sales rose.
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A new report from the Minneapolis Area Association of Realtors says median home prices rose to nearly $180,000 in July, its highest percentage gain in eight years. The report says the 14.3 percent increase over last year's prices came as the number of homes on the market declined and higher-priced traditional sales rose.

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Twin Cities housing market continues to show improvement

Last month, the median sales price of homes jumped about 11 percent to $169,000 from the same month last year, according to a new report by the Minneapolis Area Association of Realtors. The number of pending purchase agreements also spiked 27 percent, while closed sales increased 21 percent. However, the inventory of homes for sale continued to fall in May.

Twin Cities housing market slowly improving

On a seasonally adjusted basis, the national S&P Case-Shiller index shows home prices in the Twin Cities jumped 1.3 percent from March to April, following a 0.8 percent gain from February to March. Prices were up 3.8 percent compared to April of last year.

Low appraisals complicating Twin Cities housing recovery

The appraisal process has become a headache for many home buyers and sellers in the Twin Cities metro. Real estate agent Steve Fiorella told KARE 11 he has struggled to get the appraisal to match the purchase price for about 20 percent of his transactions so far this year. But a misappraisal could have serious consequences, even prison.

Twin Cities home prices, sales up in June

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.