The Twin Cities boards of Realtors published sales for the month of September and transaction activity was up significantly compared to September 2007 which was the beginning of the initial mortgage meltdown.   Home sales were up 42% and prices were down 15.6% to $189,000.  Here’s the Star Tribune story.
We are likely to continue to see this kind of trend – higher comps to last year with lower prices – for quite some time.  And given the latest in the credit crunch, it’s hard to imagine prices turning upward soon.  There are still many foreclosures and distress sales that need to be sold before prices will improve.