May of this year marks the first time since August of 2005 where we've had five consecutive months of year-over-year median price increases. However, pending sales figures declined sharply in May. It is clear that the tax credit party is over and the hangover has truly set in.
The May median sales price for the Twin Cities 13-county metropolitan area was $175,000, a 6.1 percent increase over last May, but the only segment of the market where prices actually increased was the lender-owned (foreclosure) submarket. Traditional and short sales both posted year-over-year price declines.
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