An surprise dip in mortgage rates last month did little to warm home buyers. During October there were 4,523 home sales in the 13-county metro, a 1.5 percent decline compared with last year, according to a monthly sales report released this morning by the Minneapolis Area Association of Realtors. Because fewer of those sales were foreclosures, the median price of those deals increased 7.2 percent boost to $209,000 - the 32nd consecutive month of year-over-year price gains. Here's a peak at other hightlights from the report (we'll have a full story later today):
- Pending sales declined 1.3 percent from last year, while new listings decreased 2.3 percent.
- Total inventory rose 4.3 percent to 17,132 homes
- The average price per square foot rose 5.6 percent to $123.
- The average market fell 4.0 percent to 72 days.
- The months' supply of inventory rose 10.8 percent to 4.1 months
- Traditional new listings (not bank-owned) rose 6.7 percent.
- Foreclosure and short sale new listings were down 42.4 and 31.3 percent, respectively.
- Traditional closed sales were up 9.7 percent while foreclosure and short sale closings fell 41.1 and 48.3 percent.
