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Home prices climb

July 1, 2002

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The median sales price of existing single-family homes reached $173,000 in Minneapolis-St. Paul during first quarter 2002, a 14.6 percent increase over a year earlier. Meanwhile, median home prices for Sioux Falls and Fargo-Moorhead reached $112,800 and $102,900, respectively, and increased much less than Minneapolis-St. Paul. The median sales price in the United States was $150,900 in first quarter 2002, an increase of 8 percent from a year ago.

Chart: Percent Change in Median Sales Price Existing Single-Family Homes
Source: National Association of Realtors

photo of Rob Grunewald
Rob Grunewald
Regional Economic Analyst

Rob Grunewald is an economist with the Federal Reserve Bank of Minneapolis. Grunewald conducts research on community development and regional economic issues. He co-authored “Early Childhood Development: Economic Development with a High Public Return” in 2003 and has written several subsequent articles on the economic and social impact of early learning. He frequently speaks to community and business leaders, policymakers, and media throughout the United States.

Grunewald has served on boards and advisory committees for organizations involved with early childhood development, including Think Small: Leaders in Early Learning, First Children’s Finance, and the Minnesota Visiting Nurse Agency. He is also a past president of the Minnesota Economic Association. He holds a bachelor’s degree in economics and religion from St. Olaf College and a master’s degree in applied economics from the University of Minnesota.