The Minneapolis Area Association of Realtors says despite another increase in sales, the median home price in the Twin Cities dropped 9 percent to $155,000.
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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.
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.
The latest report shows the median price for a home in the metro area down about 7 percent, to $155,000. Still, closed sales are up about 26 percent from a year ago.
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.
The average home in the metro area is now going for around $149,000. That's about 10 percent lower than a year ago. Foreclosures and short sales, economic fears and budget-minded buyers are keeping prices down despite stronger sales.
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.
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.
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.