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.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Jul 12, 2012

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, the Pioneer Press. Closed sales also grew 13.8 percent last month. However, the number of homes for sale has dropped for 17 consecutive months -- down 31 percent from last year in June.

MPR notes it's the second-largest gain since January 2004 and the fourth consecutive month of year-over-year gains.

The Star Tribune adds mortgage buyer Freddie Mac says the average rate on a 30-year loan has fallen to 3.56 percent -- a new record low.

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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 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.

Figures from the Minneapolis Area Association of Realtors show the median home price in the 13-county metro climbed to $175,000 in October -- up nearly 15 percent compared with the same period a year ago. MPR reports October was the eighth straight month of price gains. Pending and completed sales were also up last month.

Finance & Commerce reports the median sales price in the 13-county metro area hit $149,000 in March. The 6.4 percent increase is the largest year-over-year gain since April 2010, but the current median price is still nearly 35 percent lower than the peak in March 2006.

The number of homes on the market in the Twin Cities was down more than 30 percent last month -- the lowest inventory levels in nearly a decade, according to the Star Tribune. The median home sales price in the 13-county metro area jumped 15.5 percent to $179,000 compared with a year ago.

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.

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.

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