Home Prices Rise As Sales Take A Dive
Prices in the housing sector continue to rise, despite a drop in the number of homes sold in November, according to a report by a local real estate association.
The Minneapolis Area Association of Realtors said home sales dropped 17 percent compared to the same period last year, while the median sales prices rose more than 5 percent to $205,000.
The increase marks the 33rd consecutive year-over-year gain for the month, in part due to a surging condominium market in downtown Minneapolis. New-construction condos sell for a median price of over $360,000.
“The condo boom downtown is certainly helping to bring prices up,” MAAR president Emily Green said in a statement. “The changing lifestyle demands of our community are leaving a mark on our urban core.”
Overall supply of housing on the market increased during the month. Buyers appear to be gaining power in the market, especially with low interest rates.
“Buyers seem to be back in the driver’s seat this winter,” RE/MAX Advantage Plus sales agent Amy Jurek told the Star Tribune. “They have a decent amount of properties to choose from with amazing interest rates.”