It might be far below freezing in Bismarck, N.D., but homes are selling and those that aren't for sale are appreciating at healthy -- and sometimes double-digit -- rates, according to an Associated Press story. Of course, the median price is low enough that decent price increases ($161,000 in Bismarck; $145,700 in Fargo) register in a big way.

But I thought you might enjoy reading about how one faraway, snowy housing market is weathering today's economy. (For some local context, December median home prices in Pierce County were flat with the biggest appreciation in the Graham area of 33.8 percent and the largest dip in North Tacoma of -11.8 percent, according to the Northwest Multiple Listing Service.)

Here's the story:

Homeowners in California or Florida may be hurting, but in North Dakota, you can still sell a house for more than you bought it and get a favorable loan, too.

While home sales are slumping nationwide, North Dakotans are finding buyers — even in the winter. The state has managed to duck the worst of the housing crunch thanks to a strong local economy and conservative lending that avoided the worst excesses of the mortgage market bubble.

"One of the reasons I live in North Dakota is that we have a stable economy and a stable real estate market," said Kris Sheridan, a Fargo real estate agent. "We may be freezing to death today, but we're not having the tough times like everyone else in the country."

Sheridan said more interested home buyers are popping up after the Federal Reserve cut a key interest rate. The Federal Reserve sliced rates by a half percentage point Wednesday, following another cut of three-fourths of a point a week earlier.

"It's just frosting on the cake for people in this part of the world," she said.

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