Twin Cities Home Sales Increase in May

According to a recent report from the Minneapolis Area Association of Realtors:

The number of traditional home sales is growing. Only 43% of the pending sales in May were lender-mediated, compared to 59.4% in January. This decrease in lender-mediated market share brought the overall median price up $12,000 from last month to $165,000 in May. Despite the month-over-month increase, that’s still a 19.5% drop from May 2008.

MP: From May 2007 to May 2008 both unit pending sales and median prices were falling in the Twin Cities (see chart above), suggesting that the real estate market there was in decline and hadn't yet hit bottom. Over the last year, median home prices have fallen by another 19.5%, to levels not seen since 2001, and unit sales are finally starting to rebound, increasing by 17.3% from last May. In May, both pending sales and median prices increased from April, suggesting that the TwinCities real estate market might have finally reached bottom and in now coming back.

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Twin Cities Home Sales Increase in May

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