In a news release, MAAR officials said, "The overall median sales price stood at $195,000, up 11.7 percent compared to September 2012. Three factors have coalesced to attain higher sales prices: less supply, more demand and a sales mix that’s returning to traditional sales and away from foreclosures."
Another healthy sign of the Twin Cities' housing market: Short and foreclosure sales accounted for only 21.9 percent of total closed sales in September, down from 46.1 percent of all closed sales in September, 2011.
“Median sales prices have increased for 19 consecutive months in year-over-year comparisons,” Andy Fazendin, MAAR president, said in a statement. “Rising rents, affordable prices and low interest rates continue to drive sales increases.”