Home prices plunge, sales tick upby Bill Catlin, Minnesota Public Radio
Home prices in the Twin Cities continued plunging last month. Cheaper homes helped the 13-county region notch a slight uptick in closed sales.
St. Paul, Minn. — "Sold" signs went up at 2,070 homes in February, up 3 percent from the same month last year. But the median sales price dropped 23 percent over the same period, hitting $150,000.
The wide price split continues between traditional sales and lender-mediated sales, which involve homes in foreclosure or where the mortgage balance is more than the home's worth.
The median price of a lender-mediated home was nearly $128,000. That's 30 percent less than the median price of a traditional sale.
On a seasonally-adjusted basis, closed home sales in February posted another small increase, 1.7 percent, over the month before.
The number of closed sales for the month of February was about 13 percent higher than the bottom reached last June.