Published on August 12, 2009
For the 13th consecutive month, there were more pending sales than there were a year ago. This has been the strongest July since 2005. Of the sales in July, 43.6% were lender-mediated foreclosures and short sales.
New listings, however are down. July 2009 was the lowest July output since 2002.
As sales have grown and new listings have slowed, the total number of houses available for sale has dropped dramatically in the Twin Cities. As of August 1st, there were 21.6% fewer homes listed from a year ago.
The overall July median sales price for all properties was $171,000, down 17.8% from one year ago, but up 2.1% from the second quarter median sales price of $167,500. The median sales price of traditional homes in June was $213,150, down 6.2% from a year ago. Lender-mediated homes posted a May figure of $126,000, down 15.4% from a year ago.