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Home sales in the Twin Cities off to a strong start

Brace Helgeson
by Jim Buchta

Home buyers in the Twin Cities got a jump on spring last month.

During January, there was an unseasonable increase in signed purchase agreements, suggesting that moderate temps and unexpected declines in mortgage rates roused buyers from their normal midwinter slumber.

"Buyers are ready,” said Shannon Plourde of Keller Williams Integrity Lakes. "It feels more like March right now.”

The spring market typically begins in March, but many buyers didn’t wait. Last month there were 2,986 pending sales, 7.8 percent more than last year, the Minneapolis Area Association of Realtors reported Thursday.

The median sale price last month was $195,000, an 8.5 percent increase over last year. That was the biggest monthly gain since last February and the 35th consecutive month of year-over-year median price gains.

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