Home Sales on the Rise in the Midwest

Home Sales Up in the Midwest

The Capital Times published an article where real estate statistics were taken from 12 cities across the Midwest. In Cleveland and Omaha they are reporting double digit losses in exisiting home sales. The 12 cities report similar trends for the median home price. The biggest sales gains continued to come in Detroit and Minneapolis, where dramatic drops in median sales prices, brought on by struggling economies in both cities, have attracted bargain hunters and investors. The number of home sales in Detroit jumped up 21 percent from June ‘08, while the median sale price decreased around 45 percent — the largest in the nation — to $50,500. Minneapolis had a 19 percent rise in sales and a 17 percent drop in the median sale price to $172,500. This comes as no surprise to us, we have been watching the monthly indicators. What they have been telling us is that houses are beginning to sell. Last month the closed sales were up by nearly 9% in Crow Wing County and the average sale price went down 25%. The difference from March to June is pretty large. According to GLAR’s numbers, new listings have been down but that doesn’t mean houses haven’t been selling. The number of real estate listings which closed were up throughout many counties in Minnesota including each section of Brainerd. If you would like the numbers for yourself see .

The Capital Times article