Twin Cities home prices fall in November

ST. PAUL, Minn. (AP) — Home prices in the Twin Cities fell in November as foreclosures and short sale activity helped drive the median home price down.

The Minneapolis Area Association of Realtors says the median Twin Cities home price fell to about $149,000 in November. That’s down 10 percent from the same month a year ago.

Minnesota Public Radio News reports distressed properties, which tend to sell at steep discounts, accounted for 44 percent of completed sales last month.

Meanwhile, traditional, non-distressed home prices dropped about 9 percent to around $187,000.

Pending sales, based on signed purchase agreements, jumped 30 percent between November 2010 and last month. Completed sales also were up.

The glut of homes for sale continues to diminish. Inventory levels plunged 24 percent from last year. The trade group says that’s the lowest November inventory in seven years.