The state and national home sales reports for April are out this morning. Nationally sales were up 3.4 percent with the median prices rising 10.1 percent. In Minnesota sales increased 0.3 percent with sale prices up 11.5 percent.
Both reports mirror what the Star Tribune has already reported for the Twin Cities metro. In all three reports prices were up primarily because of a decline in the number of distressed sales, which caused the statistical shift in the median sales price. That means there were fewer houses sold at fire-sale prices and that there were more traditional deals, which tend to sell for higher prices.
Long-term that’s good news because it means better comparable sales for those underwater borrowers and other eager sellers who are waiting for prices to rise.
Here's a summary for April home sales