MN Home Sales Drop, But Prices Rise

Minnesota’s residential real estate market experienced a slight slow down in December, but home values continued to rise.

The latest monthly report from the Minnesota Association of Realtors shows the number of closings on existing home sales throughout the state was down 5.8-percent last month when compared with December 2013. The number of new listings was down 2.3-percent, while the median sales price climbed 7.3-percent to $177,000 dollars.

For the entire year, the number of closings dropped 5.5-percent, but the median sales price increased 5.3-percent to over $179,000 dollars.

In southeastern Minnesota, the number of closings last year was nearly even with 2013 and the median sales price was up 2 ½ percent at $145,000 dollars.