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
