Metro Minneapolis MN real estate pending sales dropped 3.3% compared to last November, and closed home sales fell 39.1% during the same time period. The most obvious culprit is the tremendous spike in Minneapolis MN real estate sales triggered by the home buyer tax credit of 2009. It seems like everyone who was going to buy a home already bought. Median sales price dropped 2.5% from 2009. November 2010 was the third month of the last four to see year over year price decreases. However, prices have been relatively stable for the last five months in a row.
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However, average home sale prices increased 9.5% because selling activity in the upper bracket Minneapolis MN real estate listings has improved in the last few months. (Sales at higher prices affect the average more than the median prices.) Bargain hunters can’t resist the lure of bargains on foreclosures and short sales, and the budget-minded are pushing down median prices, even while activity on high priced homes are up. Some of this median price compression is part of the typical seasonal trends seen in winter months.