Minn Twin Cities Home Sales Slow as Prices Climb
Minn.: Twin Cities Home Sales Slow as Prices Climb
(October 14, 2004) -- Home sales in the Minneapolis-St. Paul area slipped 11 percent during the 12 month-period ended in September due to a slower economy and rising prices.
Listings are up more than 31 percent, increasing the competition among sellers, and the median price climbed 9.67 percent to $220,000 from September 2003.
However, Ann Brockhouse, president of the Minneapolis Area Association of REALTORS®, expects appreciation to slow down to 4 percent to 6 percent next year from 7 to 8 percent now because of the surge in inventory.
The market should remain healthy in the near future as the result of a 7.4-percent jump in pending sales.
Source: Minneapolis Star Tribune (10/13/04);
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