The median sales price for a Twin Cities home climbed to about $183,000 in February, up 14 percent compared to the same month last year. But other measures of the housing market tumbled.
Buyers signed fewer purchase agreements in February than they did the year before, and the supply of homes for sale hung at a 10-year low.
The Minneapolis Area Association of Realtors blames bad weather for some of the drop in sales. Officials at the trade group also say that overall sales numbers are declining because of the waning role of distressed properties like foreclosures.
While completed sales of non-distressed homes rose, those of distressed properties were down over the year.
"We're moving towards a more traditional market, which tends to be more seasonal," Realtor Pat Paulson said. "Numbers are down in comparison to last year when there were more distressed properties, which do tend to sell more steadily throughout the year."
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