Many real estate markets on on the road to recovery, and the Minneapolis area is no exception. According to the Minneapolis Area Association of Realtors, both home sales and prices were up in October.
A total number of 4,262 homes were closed in the 13-county region, which represented a 15.1 percent year-over-year improvement. The number of homes put on the market was 5,301, a 7.5 percent increase from the previous year.
Meanwhile, the median sales price hit $175,000, which was a 14.8 percent gain from October 2011.
"The median sales price has now risen for eight consecutive months," said Cari Linn, president of MAAR. "That's being driven by three primary factors: less supply, more demand and a healing distressed segment."
Demand has been fueled by record low mortgage rates, which has enabled more buyers to enter the market at affordable prices. With more buyers looking for a home, and fewer homes available for sale, the result is increasing home prices.
