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Twin Cities home sales down slightly, but market fundamentals improved

  • Blog Post by: Jim Buchta
  • July 14, 2014 - 11:21 AM

Six months into the year home sales in the Twin Cities are struggling to keep pace with 2013, but the underlying fundamentals are far better than last year. Here's the June housing report based on data from the Minneapolis Area Association of Realtors:

  • There were 5,531 closed sales, a 2.2 percent decline compared with last year.
  • The median sales price of those closings was $219,900, a 4.7 percent increase and the highest since 2007.
  • Pending sales increased 0.1 percent to 5,295. Of those pendings, there was an 11.8 percent increase in non-bank owned sales while foreclosure and short sale pendings fell 43.6 percent and 42.7 percent.
  • Overall inventory levels were up 6.5 percent with traditional listings rising 23.7 percent. Foreclosure inventory fell 33.9 percent and short sale inventory was down 52.3 percent.
  • There were 8,315 new listings, an 8.9 percent increase. Of those listings, non-distressed sales increased 19.4 percent while foreclosure and short sale listings fell 40.1 percent and 39.5 percent, respectively.
  • Foreclosures and short sales made up only 9.5 percent of all new listings and only 12.6 percent of all closed sales - the lowest since May 2007 and September 2007.

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