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Home Prices Are Up

According to the Minneapolis Association of Realtors home prices are up in the Twin Cities.  In May, buyers signed 5,130 purchase agreements, 27.3 percent higher than last May, and sellers introduced 6,599 properties to the market, 6.0 percent less than May 2011. This combination of activity drove down the number of homes for sale on the market to 17,262, down 31.1 percent.  The median sales price was up 10.5 percent from last May to $169,000. That’s the third-largest jump since January 2004 and the third consecutive month of year-over-year gains. Prices have risen 22.5 percent since February (from $138,000 to $169,000). Home prices are now at their highest level since October 2010.

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