Home sales and prices beat record, again

Twin Cities home sales and prices continue to beat last year's record-setting performance.

In April, closed home sales in the 13-county metropolitan area increased 7.1 percent, to 4,528. In April 2003, 4,228 sales closed.

Median sale price rose 8.3 percent to $209,850, compared to $193,850 the previous April.

More people are putting their homes on the market, possibly because of the threat of higher interest rates.

New listings increased by 23.5 percent and pending sales increased by 708 sales or 11.5 percent compared to April 2003. Pending sales are sales for which purchase agreements have been signed, but sales have not yet closed.

"Sales performance this spring has exceeded earlier predictions," said John Lockner, president of the Saint Paul Area Association of Realtors, in a statement. "We expect strong sales and multiple-offers to continue in the summer market-place, with affordable new construction and other entry-level segments experiencing the greatest demand."

Counties with the greatest increases in closed sales in April include: Sherburne (up 45.7 percent), Scott (32.4 percent), Washington (24.8 percent), and Chisago (19.1 percent). Rice County logged the greatest increase in median price, with an increase of 18.4 percent to $201,200.

These statistics include existing single-family homes, condominiums, and townhomes and were collected by the Realtor Public Policy Partnership in St. Paul. The numbers are based on closed existing home sales as reported by the Regional Multiple Listing Service.