Twin Cities retail on the road to recovery - Bring Me The News

Twin Cities retail on the road to recovery

Finance and Commerce reports a slate of store openings are scheduled this holiday season, bringing the metro's retail vacancy rate to the lowest its been since 2008.
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Finance and Commerce reports a slate of store openings are scheduled this holiday season, bringing the metro's retail vacancy rate to the lowest its been since 2008.

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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.

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.

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.

Target announces cut in seasonal workers; other retailers adding

Minnesota-based Target Corp. is trimming back on its seasonal hires for the holidays. KARE 11 reports that the retail giant will hire anywhere from 80,000 to 90,000 seasonal workers this year, down from 92,000 in 2011. Walmart and Kohl's on the other hand, are increasing their seasonal work forces.