Home Sales Prices Rise in June

MINNEAPOLIS - According to the Minneapolis Area Association of Realtors, the median sales price in the Twin Cities housing market increased in June.

Of the 4,764 closed sales in June, 40.7 percent were lender-mediated foreclosures and short sales, down from the 59.7 percent seen at the beginning of the year.

Since lender-mediated properties consistently have a lower median sales price, their decline in market share means a stronger overall median sales price.

The overall June median sales price for all properties was $173,500, down about 15 percent from one year ago. The median sales price of traditional homes in June was $210,000, down about eight percent from a year ago. Lender-mediated homes posted a May figure of $124,025, down about 17 percent from a year ago.

The supply of homes for sale continues to drop. At the beginning of July there were 26,204 homes on the market in the metro area, down about 27 percent from a year ago.

June saw 5,183 signed purchase agreements, which is up 34 percent from this time last year. With low mortgage rates and the $8,000 federal tax credit for first-time home buyers, there has been recent jump in sales spill over into the traditional market.