Twin Cities Home Sales Decrease While Home Prices Increase
Now that summer has come to an end and the number of foreclosures in the Twin Cities continues to decrease we are seeing a change in housing. A recent report released by the Minneapolis Area Association of Realtors showed that last month there was 7.3 percent fewer closing in the 13-county metro area over last year.
We may have seen a decline in the number of home sales, but last month marked the 30th consecutive month of increased median sales prices. For the month of August median home sale prices rose by 5.3 percent to $219,001, this marks the highest price we have seen since August 2007.
"The market is still rebalancing,” said Emily Green, president of the Minneapolis Area Association of Realtors. "Buyers and sellers really need to dig into their particular market segment and location with their agent to get the best information, because the overall picture is shifting.”
Across the nation we are continuing to see the number of foreclosures decline which is continuing to help housing recover. RealtyTrac‘s recent report stated that the number of foreclosures across the nation declined by 5 percent last month. Here in the Twin Cities metro area we are seeing foreclosures back down to prerecession numbers.
"Although the foreclosure crisis is well behind us, the messy business of cleaning up the distress lingering from the housing bust continues in many markets,” said Daren Blomquist, vice president at RealtyTrac.
If you are looking to buy or sell a home this fall contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065