The 13-county Minneapolis-St. Paul metropolitan area housing market continued to settle itself in November. While some measures of housing demand may suggest a slowdown, most deceleration is the result of a healing lender-mediated (foreclosures and short sales) segment, which made up a smaller share of the residential pie compared to last year.

For the first time in seven months, new listings were lower year over year, declining 5.3 percent to 3,900, but traditional new listings rose 11.1 percent over the same time comparison. Buyers closed on 3,760 homes, a 5.9 percent decrease from last November, even though traditional sales were up 13.6 percent. Twin Citizens have 14,126 properties to choose from – or 5.8 percent fewer than last November.

The market-wide median sales price held steady at $195,000 for a third straight month and up 13.4 percent compared to November 2012. Last year, foreclosures and short sales comprised 35.6 percent of all closed sales. In November 2013, these segments made up only 22.1 percent of all sales.

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Lighter Foreclosure and Short Sale Load Continues to Help the Market