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Article: Rise in home listings brings balance to real-estate market in Twin Cities area; Higher prices remain from buying frenzy.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- August 12, 1999
- Author:
CopyrightCOPYRIGHT 1999 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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1/3 A jump in homes for sale last month is an indicator that the blazing Twin Cities-area real-estate market is returning to a more normal balance between buyers and sellers.
But six months of frenzied buying left a wake of higher prices. The median price for closed sales - half of the prices are above this point and half below - reached a record $138,000, up $2,000 from June and up 11.3 percent from $124,000 in July 1998. That data was released Wednesday by the Minneapolis Area Association of Realtors. Sales closed typically reflect purchase agreements signed 45 to 60 days earlier.
"Somebody would be very pleased if they bought last year," Denny ...