Follow the links below for current live MLS information, statistical reports on what happened last month in 125 metro area communities, as well as summary information for last year and year-over-year comparisons by MLS area.
Our market is in a corrective mode, with 2007 being the first year that average median sale price fell relative to the previous year since records were started in 1960. While painful to home sellers, we are going through a needed correction.
With home values outgrowing consumer income almost three-to-one from 1992 to 2005, buyers were being squeezed out of the market. A positive result of the decrease in price has been an increase in housing affordability, a necessity for a healthy housing market.
Informationa and graph from Minneapolis Area Association of Realtors
in 1960. While painful to home sellers, we are going through a needed correction.