According to the Minneapolis Association of Realtors, median sale prices went up 12.4% over last year to $163,000 which puts home prices at an 8 year high! Home prices haven’t jumped that much year after year since 2004!
Traditional home sales rose 58.8% in April year-over-year, while foreclosures fell 8.1% and short sales grew by 13.8%. Prices on traditional homes still fell 2.2% but foreclosure prices actually increased 15.9%. Short sales are still on the increase and their prices were down 4.4%. Housing inventory is also at it’s lowest point since 2004.
All these are positive signs for the housing market overall.