Updated: 11/22/2013 11:57 AM KSTP.com By: Jennie Olson
Photo: MGN Online
Minnesota saw an 11.5 percent increase in new home listings and a $19,000 increase in median sales prices in October compared to the same time last year, a new report says.
The numbers from the Minnesota Association of REALTORS indicate homeowners are feeling more confident in the state’s economy.
The association says homeowners often hold back from listing their homes if values are low or if they are behind on their mortgages, so the new numbers show that more homeowners are getting back into the market.
Median sales prices increased from $156,000 to $175,000, the association says. Also in October, homes sold in an average of 75 days, which is a 17.6 percent decrease compared to the same time last year. Sellers also received 94.2 percent of the original listing price.
Housing experts say mortgage interest rates are typically at their lowest during December, January and February.
Median sales prices throughout the state: