Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
Real Estate

Home prices in Twin Cities hit 8-year high

Home prices in the Twin Cities reached an 8-year high in April as the median sales price shot up 12.4% over last year to $163,000, an industry group said Thursday.

Home prices have not jumped that high year-over-year since January 2004, the Minneapolis Area Association of Realtors said in a new report.

Traditional home sales rose 58.8% in April year-over-year, while foreclosures fell 8.1% and short sales grew by 13.8%.

Distressed properties represented 34% of all new listings and 39.3% of all pending sales, the smallest market shares recorded in four years, MAAR said.

All the data suggests signs of a market turnaround with sales up, foreclosure down and distressed properties representing a smaller share of the marketplace.

Traditional home prices in April declined 2.2% to $198,500, while foreclosure prices increased 15.9% to $119,000. Short sale prices declined 4.4% to $129,000.

“We’re impressed with the accelerating improvements,” said Andy Fazendin, MAAR president-elect. “High-quality, move-in-ready inventory is limited. Those waiting for falling prices will likely be disappointed.”

Inventory levels also are declining with the number of homes for sale down 29.2% from last year to 17,312 real estate listings. This is the lowest inventory level recorded since January of 2004.

kpanchuk@housingwire.com

 

 

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please