Home Sales Down in October, Return to Seasonal Slowdown
UNDATED -- The October closed sales for homes dropped in October marking a return to a more typical seasonal slowdown across Minnesota.
Minnesota Realtors says in Stearns County there were 230 closed sales in the month down six percent from October of last year. However, the median sales price at nearly $243,000 is 11 percent higher.
In Sherburne County, the number of closed sales was 179 down 20 percent from October of last year. The median sales price was over $333,000 an 11 percent increase.
But Chris Galler with the industry group Minnesota Realtors says despite the decline, they're anticipating continued brisk sales right into the new year.
Best areas of the state are actually in the northwest corner. We've seen pretty solid numbers in that area.... The Twin Cities is down quite a bit... and I guess the Arrowhead probably was our weakest marketplace.
Galler says there still aren't enough homes for sale to meet buyer demand. He says that's because employment is strong, wages are up and interest rates remain low.
There's much debate whether the Fed will increase interest rates as inflation ticks up.
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