July housing sales increase from June

July housing sales in the Twin Cities area increased 4.8 percent compared to June.

The St. Paul Area Association of Realtors reports the number of sales that closed in July was down compared to last year, but pending sales were up by more than 6 percent.

That has the association's president, Greg Bauman, optimistic that sales will show more improvement in August. Bauman said the number of homes on the market in the thirteen-county metro area continued to shrink last month.

"And we're actually lower than last year, too. So that's a fantastic thing, which brings your market into balance. It's also a sign that buyers and sellers are coming to a price that's agreeable. Yes, it's still a buyers market. But the adjustment seems to be more balanced," Bauman said.

The Realtors report the median home price was $208,000 last month. That is slightly higher than in June, but still more than 10 percent below a year ago.

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