Twin Cities home sale prices hit seven year high

Twin Cities home sales were down in June compared to a year ago, but selling prices rose, the Minneapolis Area Association of Realtors said Monday.

Compared to June 2013, the group said:

• Median sales price rose 4.7 percent, to $219,900, the highest since September 2007.

• Days on market fell 6.8 percent to 69 days.

• Percent of original list price received slipped to 97.2 percent.

Only about one in 10 properties on the market are in foreclosure or being sold for less than what owners owe lenders, the lowest rate since 2007, the group said. For sellers that helps prop up prices, which are likely to continue rising but at a slower pace, the group said.

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