Twin Cities house prices: A summer warm-up?
Tuesday, September 27, 2011
Herb Tousley, the director of real estate programs at the University of St. Thomas, said his department created an index that makes use of several data sets to get a more up to date picture of the market. That includes inventory levels, days on market and the proportion of distressed sales to traditional sales, among other metrics.
The latest report, which excludes distressed sales but includes condominiums and other housing types, was released earlier this month. It showed that in August the market was relatively flat with the index increasing from 799 in July to 800 in August. Further research showed that in the Twin Cities a disproportionately high number of houses priced at less than $150,000 sold during the past few months, he said, skewing the median sale price downward. Foreclosures and short sales represented about 40 percent of all sales in August, Tousley said.
Originally published: 09/27/2011, Star Tribune Just Listed Blog