The October 2007 Median Sales Price for Twin Cities homes fell 3.5% from a year ago and 4.3% from two years ago, to $220,000. The Median Sales Price is the price at which 1/2 of the homes sold for more and 1/2 of the homes sold for less.
While this sounds like negative news, pricing is all relative. The only people who suffer in a falling real estate market are the downsizing & downpricing homeowners. For those who bought in the last few years that are trying to sell today will see red ink on the sell side but will see savings on the purchase of their new home. Most of all, first time buyers and move-up buyers are definitely winning in this market.