Despite a steep decline in home sales last month in the Twin Cities metro area home sale prices were relatively stable last month, according to a monthly sales report released this morning from the Minneapolis Area Association of Realtors. Here's what it said: It said:
- Pending sales in the 13-county Twin Cities metro area were down 3.3 percent compared to last November and closed sales were down 39.1 percent for the same period.
- The median sale price fell 2.5 percent to $165,700 median from last year and after seven months of year-over-year price gains, November was the third month in which there were year-over-year price declines. That said, prices have been relatively stable for five consecutive months.
- The median sale price was helped by a slight increase in sales of upper price bracket houses.
- Total dollar volume of closed sales was down 33.3 percent compared with last year.