The chart below recently released by the Minneapolis Area Association of REALTORS dramatically illustrates how closely home prices are tied to foreclosure activity.
As foreclosures spiked up in 2007-2008, sales prices spiked down. As foreclosures dropped this year, prices improved, also helped by the short supply of inventory. In August 2013, 82.2% of new listings were traditional sales (not foreclosures or short sales). Read the full report.
Sharlene Hensrud, RE/MAX Results - Email - Twin Cities Real Estate Market
RELATED POSTS
- August Market Update... holding steady but also going up
- July Market Update... average days on market before sale continues to drop
- One of the most affordable home buying environments in decades
- It's a seller's market again... 6 things that are different this time
