Twin Cities Home Prices Still Falling

Good news for homebuyers – Twin Cities home prices are expected to keep falling. Obviously that’s less good news if you’re looking to sell before you buy, but if you’re a first time home buyer or are coming from a different market this is good news. The Minneapolis St Paul Business Journal reports

The median price for a house in the Twin Cities area fell for the 12th-consecutive month, down to $155,000. That’s 9.4 percent lower than the median price in October 2010, according to the Minneapolis Area Association of Realtors

Home prices are down 8.9 percent over the last year, the group said.
Meanwhile, the number of new listings fell 14.2 percent, the fifth-consecutive month they have decreased. The number of homes for sale dropped 22.5 percent compared to October 2010.

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