Positive Housing Market

Created: 11/13/2012 6:56 AM KSTP.com By: Michael Brannen

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A recent report on the housing market is showing positive signs for sellers. According to the Minneapolis Area Association of Realtors, homes are selling faster and for a higher price compared to last year.

 

In October, the median sale price was $175,000, up 14.8% from the year before.  Prices have gone up for 21 straight months.

 

Holmes sold in about 104 days, which is 24.8% faster than October of 2011.

 

Last month, 4,483 homes went under contract, 34.0 percent higher than October 2011. There were 4,262 closed sales, a 15.1 percent increase over last year.

 

Seller confidence is improving, 5,301 homes were placed on the market, which is 7.5% more than last year at the same time.

 

The number of homes for sale fell 29.7% to 15,002 active listings. It’s the lowest number since before January 2003.