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Annie Baxter
St. Paul, Minn.

Twin Cities home prices fall again, but may turn corner soon

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Twin Cities home prices fell again last month as the median sales price was down about 7 percent from September of last year to $155,000.

Traditional, non-distressed homes, which usually show smaller price drops than foreclosures and short sales, fell about 12 percent in median price over that period. Short sales and foreclosures suffered less steep declines.

The number of signed purchase agreements climbed about 37 percent last month on an over-the-year basis. But that was in comparison to a lackluster sales period last year, following the conclusion of first-time homebuyer tax credits.

Still, the Minneapolis Area Association of Realtors says the market is moving toward balance. The trade group says declining inventory levels are, in particular, showing big improvements.