July 17, 2012 (Shirley Allen)
Monthly sales of existing single-family homes and condominiums jumped 30 percent from April to May in Minnesota according to the latest housing data from the Minnesota Association of Realtors® (MAR) while year-over-year sales were higher for the 11th consecutive month.
An estimated total of 8,449 existing single-family homes and condos were sold in the North Star State in May. That was 31.0 percent higher than the 6,451 homes sold in April and 11.2 percent higher than the 7,596 homes sold in May 2011.
The median sale price for an existing home in Minnesota increased by 3.4 percent in May to $150,000, up from $145,000 in April, and was 9.9 percent higher than the median price of $136,500 in May of last year.
Of the 13 regions that provide data for the monthly report, nine of the regions reported gains in home sales over the previous year with the Headwaters Region (+58.6 percent) reporting the largest increase while the Upper Minnesota Valley Region (-25.7 percent) posted the largest monthly decline in sales.
The Seven Twin Cities Region recorded the most sales for the month with an estimated 4,111 home sales, up from 2,184 the previous month, while the Southeast Region followed with an estimated 1,089 home sales for the month, up from 528 in April.
Year-over-year, nine regions posted an increase in their median prices led by the Upper Minnesota Valley Region (+33.4 percent) with the Southeast Region (-25.4 percent) posting the largest decline in prices.
The total number of homes for sale continued to fall in May with 50,928 homes actively available for purchase, down from 56,244 in April.
The dwindling inventory left the state with an average 7.2 months supply of homes available for purchase, down from a 8.0 months supply in April.
Homes in Minnesota took an average of 102 days to sell in May, down from 108 days in April.
Tags: existing homes, condos, sales, median home prices, Minnesota