Monthly Skinny: July 2010

Despite the Humidity, Housing Demand in the Midst of a Dry Spell

Although June saw a 4.9 percent year-over-year median sales price increase from $173,500 to $182,000 in the Twin Cities metro, low demand overshadowed those gains. The sales price reflects the mix of homes that were selling—many of which were closings from credit-motivated first-time homebuyers. The big shift occurred in the pending sales metric, which had a 40.4 percent year-over-year decline from June 2009. The previous record high was a 27.6 percent year-over-year pending sales declines and it occurred 4 years ago.

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