Minnesota real estate sales up.

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The good news is house sales in Minnesota showed an increase last month. The bad news – prices are continuing downward.

Tha average sales price of a home in MN fell 5.1 percent to just under 131k. A year ago that figure was 138k.

The Cities had almost an 11% increase in sales.

A lot of the sales were from Banks unloading foreclosed properties and short sales. It’s a painful process for many to see their homes continue to drop in value- but I think we have to go through it in order to get the market back to equilibrium.

The one good effect is that the overall housing inventory is falling substantially as these distressd properties are being snatched up. That is necesary to bring a balance back between supply and demand.

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