Twin Cities home sales rise again in August

Author:
Publish date:

The Minneapolis Area Association of Realtors says home sales were up in the Twin Cities in August, despite a slower pace in growth than in comparison in July, Minnesota Public Radio reports.

According to the association, pending sales of 5,244 homes in August were up 10.9 percent over August 2012. July sales grew 16 percent over the same month a year ago.

The biggest increase over the summer came with home sales in May, which were 16.7 percent over the same period a year ago.

The median home sales price is rising, too, in the Twin Cities, reaching $208,000 or about 17 percent more than August 2012.

In addition, buyers are paying 97 percent of the seller's original list price. The association says despite the growth, the pace is slowing.

The Star Tribune reports that sales are on the upswing despite a rise in mortgage rates.

Freddie Mac said Thursday fixed mortgage rates for a 30-year rate averaged 4.57 percent for the week, up a full percentage point higher over the same period last year -- signaling a growing confidence in the economy and a sense house prices will continue to rise.

According to New York Times, developers in the Twin Cities area are reporting the cost of land in the most desirable areas is double the amount it was over two years ago.

The paper says at least three golf courses in the Minneapolis and St. Paul are being carved into millions of dollars' worth of residential lots.

Next Up

Related

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.

January home sales surge in Twin Cities

The 13-county metropolitan area had more than 3100 purchase agreements signed in January. The Pioneer Press reports that's a 25 percent increase compared to last January. The Minneapolis Area Association of Realtors credits record-low mortgage rates, home prices and the mild winter weather for the highest January numbers since 2005.

Home sales, prices continue uptick in Twin Cities metro

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.