Experts Say Housing Market Gaining Strength In MN

MINNEAPOLIS (WCCO) – Experts say the housing market in Minnesota is continuing its recovery as new listings are down and sales are up, according to a report released Thursday by the Minnesota Association of Realtors.

Officials said new listings in June were down more than 16 percent compared to this time last year. Closed sales were also up 5.1 percent last month compared to June of 2011. Experts said pending sales are also up almost 12 percent, and it signals that the trend of recovery will continue.

The report shows that the median sale price of a home in Minnesota was $159,900 last month. That's up 10.4 percent from June 2011. The median sale price is also up 10.7 percent in the seven country Twin Cities metro.

Homes are also selling for closer to their original value. The report shows that homes last month sold for 93.7 percent of the original list price received, which is up 3.5 percent from this time last year.

The days a house for sale is on the market is changing too. According to the report, homes are on the market about 94 days before being sold, which is down from 110 in June of 2011. Last month was also the fifth straight that the number of days a home stayed on the market decreased.