State’s home sales rise 8 percent in October

Published 2:22 pm Wednesday, November 21, 2012

MINNEAPOLIS — Minnesota home sales rose 8 percent in October, thanks to record-low mortgage rates and strengthening consumer confidence.

But a monthly report from the Minnesota Association of Realtors says the gains were not felt evenly across the state.

Minnesota reported 7,662 closings in October, an 8 percent increase from last year. The median price of those closings was $152,000, a 9.4 percent increase from last year.

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The report tracks home sales in 13 multi-county economic development regions. While most of those regions have seen a steady increase in home sales over the past year, a handful are lagging. In six regions the number of closings was either flat, or had fallen compared with last year.