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Midwest home sales surge 58% in November


Home sales remained strong in the Midwest in November as buyers sought to claim federal tax credits, so sales jumped 58% over last year's dismal market.

The National Association of Realtors said Tuesday that 106,000 sales were completed last month in the 11-state region. The Midwest's median home price slipped less than 1% to $140,800 in November.

All 12 major Midwestern cities tracked in the Associated Press-Re/Max Monthly Housing Report, also released Tuesday, showed annual increases in sales in November. The sales gains ranged from a 19% jump in Detroit to a 94% increase in Omaha.

Seven of the cities reported annual increases in median sale prices, including increases of roughly 30% in Detroit and Cleveland.

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