Twin Cities home prices are still down double digits from last year but data today from Twin Cities Realtors suggest the level of decline is easing.
According to the St. Paul Association of Realtors:
The median price reported at the end of the first six months (of 2009) was $160,000 compared to $203,000 after the first six months of 2008, a decline of 21.18 percent.
However, for the month of June 09 the median sales price decreased only 15.37 percent compared to 08. The median sales price for June 09 was $173,500 compared to $205,000 in June 08.
The June 09 median sales price did show an increase of 5.15 percent from the previous month.
The group also noted that the market has about a five month inventory of housing for sale, down from 8.8 months a year ago, a sign that the supply and demand for housing may be finding its balance.
As we’re reported before, Realtors tend to be a perpetually upbeat group with an obvious interest in talking about how now is the right time to buy a house. And there’s still enough grim news about this market to make you skeptical about recovery discussions.
Still, baby steps in the right direction.