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May 2012 Twin Cities market overview
Good news for the housing marketing continues to flow in this spring. Low inventory and rising prices coupled with continued low mortgage rates and high affordability levels for buyers are pointing towards a balanced market, rather than a heavily buyer- or seller- favored market.
For sellers, the median sales price for April was $163,000, up 12.4 percent over last year, and inventory of homes for sale was down 29.2 percent over April 2011. Buyers are hungry for quality, non-foreclosure homes; traditional sale transactions were up 58.8 percent over last April. A dearth in inventory of traditional homes has led to rising prices and multiple-offer scenarios.
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