Metro home sales rise in September, report says

By PAUL WALSH, Star Tribune

October 12, 2009 - 9:50 AM

The Twin Cities housing market performed contrary to the typical September slowdown and reported a sharp increase in pending sales, the Minneapolis Area Association of Realtors (MAAR) is reporting this morning.

There were nearly 5,000 pending sales signed in September in the metro area, up 23.5 percent from the same month a year ago, the Realtors group said. This also is the 15th consecutive month that pending sales beat the same month from the previous year.

The increase comes as the federal tax credit for first-time home buyers ticked toward a Nov. 30 deadline.

"Buyers using the credit are in the 11th hour, so we expect high activity levels for the next week or two," said Steve Havig, President of the MAAR.

The September median sales price of $170,000 represents a slight dip from the prior month, but the decline is less extreme than what has been typical.

"We're obviously pleased with the positive signs we're seeing," said MAAR President-Elect Brad Fisher. "But the

ongoing recession and impending loss of the tax credit make the future a bit uncertain."

The MAAR serves the Twin Cities 13-county metro area and western Wisconsin.

Paul Walsh • 612-673-4482

 

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