Home sales in the Twin Cities, Minn., area fell for the fifth consecutive month in February, while the median home price grew modestly from a year ago, according to three metro Twin Cities Realtor associations.
Realtors reported 2,523 home sales last month, down 6.9 percent from the same month a year ago. During the same period, the median home price gained 3.5 percent in the 13-county metro area, rising to $225,000. February’s price, however, dipped from January’s price of $226,700.
Among the area’s counties, only three posted sales gains in February compared to a year earlier: Goodhue (up 105.8 percent), Chisago (up 36.3 percent) and Carver (up 3.5 percent).
Total inventory of single-family homes in the region ended February at 23,417, an increase of 35 percent over the previous February record.
“The data we’re seeing from last month is about what we expected,” said Jeff Green, president of the North Metro Realtors Association. “These trends are being observed in many markets throughout the country. Buyers are being more selective and taking their time choosing the home that’s right for them. As a result, our inventory will increase and it will take longer for properties to sell.”
Statistics are provided by Saint Paul Area Association Realtors, Minneapolis Area Association of Realtors, and North Metro Realtors Association.
What’s your opinion? Send your Letter to the Editor to email@example.com.