Twin Cities home prices rise in Oct.by Annie Baxter, Minnesota Public Radio
ST. PAUL, Minn. — Twin Cities home sales and prices had a good month in October.
The median home price climbed to $175,000, up nearly 15 percent from the same period last year. October was the eighth consecutive month of price gains.
Prices were up for traditional homes, and foreclosures and short sales alike.
Pending and completed sales also climbed from last year.
There were about 4,500 contracts for new home purchases, an increase of 34 percent over October 2011. Completed sales rose 15 percent. Not all pending sales work out as completed sales, which is why the two numbers differ.
The Minneapolis Area Association of Realtors says reduced supply of homes for sale and greater demand are playing a big role in healing the local housing market.