However, we expected the majority of the increase would come from traditional sales dues to an improving economy and continued low interest rates,” said Herb Tousley, director of real estate programs at the university. “For all three types of sales, we had been expecting an annual median sale price increase in 2014 of 4 percent to 6 percent. Since April 2014, the median price for traditional sales has been tracking very close to last year’s levels. Thomas’ Opus College of Business looks for real estate trends in the Twin Cities and tracks the median price for three types of sales: nondistressed or traditional foreclosures and short sales (when a home is sold for less than the outstanding mortgage balance). 7 percent over October 2013.Įach month the Shenehon Center for Real Estate at the University of St. Traditional home sales, which are those not affected by foreclosures or short sales, were up only. However, virtually all of the increase has been due to higher prices paid for homes with foreclosed mortgages.
An analysis of the 13-county Twin Cities real estate market data for the month of October 2014 found a 7.1 percent overall increase in median sale prices compared to October 2013.
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