Twin Cities median home prices rise slightly in Feb.

The Twin Cities median home price in February was up slightly from January, but down considerably on a year over year basis.

The median sales price for Twin Cities homes in February was $142,500 in Feburary, roughly a 10 percent decline from the same time last year.

Brad Fisher, president of the Minneapolis Area Association of Realtors, said distressed properties are dominating the market and pushing the median price down. And the snowy winter has kept traditional home buyers and sellers from making a move, he said.

"We have more of the investors and people buying the REO properties right now," he said. REOs are bank-owned properties.

Nationally, the number of people applying for a mortgage jumped last week. But analysts cautioned that the increase was likely driven by investors, not first-time homebuyers who are needed to help housing markets recover.

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