Median Twin Cities home prices crawling back up
Thursday, September 10, 2009, 10:42am CDT Minneapolis / St. Paul Business Journal - by Sam Black Staff Writer
The median home sale price in the Twin Cities was $175,000 in August, down 12.5 percent from a year ago, but continuing its run up from this spring.From March 2009 through August, the median sale price has grown from $154,125 to $175,000. It climbed $4,000 from last month, when it was reported at $171,000.“Prices are stabilizing due to strong buyer demand – especially in the lower price ranges – buoyed by low mortgage rates and the federal tax credit for first time buyers,” the Minneapolis Area Association of REALTORS (MAAR) said in a press statement.The tax credit expires in November and the number of sales that close should stay robust for at least the next two months, said Brad Fisher, president elect of MAAR, in a statement.“Time will tell what the market looks like after that, but there will be less inventory left.”sblack@bizjournals.com | (612) 288-2103