Housing pinch hits Greater Minnesota

Posted at 9:51 AM on May 20, 2011 by Michael Olson
Filed under: Around MN

Housing prices in Greater Minnesota have weathered the real estate storm slightly better than the rest of the nation. While they've been down from their high a few years ago, home owners outside of the Twin Cities were faring better than most. Now that seems to be changing for the worse. The median statewide sale prices of all closed sales during the month of April was down 12 percent, according to the Minnesota Association of Realtors.

This seems to mirror the nationwide trend that has home prices down almost 13 percent from last year.

Jim Buchta from the Star Tribune adds a silver lining to his post about the new numbers, "Several surveys showed that mortgage interest rates fell to their lowest level this year. The 30 year fixed-rate mortgage averaged 4.61 percent and the 15-year fell to 3.80 percent, according to Freddie Mac."

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