Housing Prices is declining in local home market and the Twin Cities area's home sales market is still under a sluggish market as well.
Finance and Commerce reported that the overal median sales price dropped 9.4 percent from a year ago which is $155,000, based on the latest market statistics from the Minneapolis Area Association of Realotrs for October.
While the prices and sales were down, the pending sales were up 34.6 percent in October caompared with the same month in last year, 2010, according to the Finance and Commerce.
However, the meidan prices for lender-owned foreclosures dropped to $100,500 which is a drop of 11.8 percent comapred with the price in the same period in 2010, according to the Finance and Commerce.
Minnesota Daily also reported that foreclosure sales in Minnestoa for previous 3 months dropped 32 percent from the same period in 2010.
Compared with 2008 when about 3,000 homes were foreclosed in Minneapolis, a 33 percent declined from the peak year of home foreclosures, according to the Minnesota Daily.