Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Best August in a decade for Twin Cities home sellers

Posted by: Jim Buchta under Buying Updated: September 12, 2013 - 10:12 AM

Despite a spring bump in mortgage interest rates, it was the best August in at least a decade for Twin Cities home sellers. A monthly report from Minneapolis and St. Paul Area Associations of Realtors released this morning shows that there were 5,575 closings during the month - the most since at least August 2003.  Here's a summary of what happened during the month compared with last year, we'll have a complete story in the Friday paper with reaction from Twin Cities agents.

  • Closed sales: 5,575, up 8.9%
  • Pending sales: 5,244, up 10.9%
  • Median sale price: $208,000, up 16.9%
  • New listings: 6,951, up 16.5%
  • Overall inventory: 15,773, down 9.9%

Also Thursday, Freddie Mac said that fixed mortgage rates were relatively unchanged from last week, with the 30-year, fixed-rate mortgage averaging 4.57 percent with an average 0.8 point for the week ending Septemeber 12. That's a full percentage point higher than last year at this time.

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