May home sales up 17.3 percent in Twin Cities

Distressed sales still dominate the market, but the number of regular home sales is increasing, Realtors report.

Last update: June 11, 2009 - 9:45 AM

Home sales were on the rise again in the Twin Cities area last month, and although foreclosures and other distressed sales still make up a large chunk of the market, they're shrinking as a percentage of total sales, Realtor groups reported Wednesday. Here's a breakdown:

PENDING SALES

+17.3% Percentage increase from May 2008. Sellers had signed purchase agreements for 5,183 homes last month.

LENDER-MEDIATED SALES

43% The percentage of pending sales that were the result of foreclosures or other distressed sales. That's down from 46 percent in April and 59.4 percent in January.

CLOSED SALES

+8.4%

Percentage increase from May 2008. Last month, 4,031 sales closed.

MEDIAN SALE PRICE

$165,000

Down 20 percent from a year ago, but up from $153,000 in April.

MORTGAGE RATES

5.8% Average 30-year fixed mortgage rate in the Twin Cities this month. Mortgage rates have popped back up from historic lows earlier this year.

SUZANNE ZIEGLER

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