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by CareyBot

Home sales in the Twin Cities, Minn., area were down for the seventh straight month in October, as near-record inventory finally cut into home prices, according to reports from two Twin Cities-area Realtor associations. Realtors recorded 3,895 sales of existing single-family homes, condominiums and townhouses last month, down 19.6 percent from 4,843 sales in October 2005. During that period, the median home price in the 13-county region slipped from $230,000 to $228,000 -- a 0.9 percent decline. Some 7,894 new listings were added to the market in October, which is 4 percent below a year ago, marking the second consecutive month of year-over-year declines, after 14 months of record highs, according to the Saint Paul Area Association of Realtors. Despite the drop in inventory levels, there...