Here's some welcome news (for sellers): Home sales throughout Minnesota so far this year (includes January and February) have bested last year by 5.7 percent, according to a report from the Minnesota Association of Realtors, which tracks home sales throughout the state's 13 regional economic development areas. In February alone sales rose more than 1 percent with some of the strongest gains coming in parts of the state where job growth - and wages - has been strong.
Sales activity throughout the state has been relatively uneven. Some regions, including the 13-county metro area, have seen steep drops in activity, while others have increased dramatically. In the south central and northwest regions sales through February rose more than 25 percent, while sales fell more than 35 percent in the Headwaters region.
That good news was tempered by steep declines in median sale prices in almost all regions of the state. Statewide the median sale price was down 8 percent.
Also today, the National Association of Realtors said that during February nationwide home sales fell nearly 10 percent to a seasonally adjusted annual rate of 4.88 million. Analysts had expected a much smaller decline.
I know, seems like mixed messages, but here's the takeaway: The market is highly fragmented and erratic. More clarity will come in the coming months as more sales data rolls in.
