Home sales in Minnesota’s Twin Cities region fell for the second consecutive month in October, while year-to-date sales are ahead of the same period last year by 1.5 percent, according to the Saint Paul Area Association of Realtors.

Closed home sales in October lagged behind October 2003 by 10.3 percent, with 4,855 closed sales in the 13-county metro area compared to 5,410 in October 2003. To date, however, there have been 49,157 closed sales compared to 48,448 through October 2003.

The median sales price for homes in the Twin Cities held steady at $220,000 for the second month in a row, a 7.3 percent increase over the October 2003 median sales price of $204,950. Dollar volume of closed sales from January 2004 through October 2004 is 9 percent above the same period of 2003.

New listings added in October dropped from the previous month to 7,511. This is a 3.3 percent decrease in numbers over the same period last year, but more in line with the numbers seen over the past several years.

“It appears as if we are experiencing a seasonal correction in the Twin Cities housing market,” said John Lockner, president of the Saint Paul Area Association of Realtors. He added, “What we are likely to see is a more balanced market through the end of the year, even though the numbers indicate another record-breaking year.”

The outlying counties continued to be the biggest percentage gainers in new listings, pending sales, closed sales and median sales-price increase. Goodhue County posted the largest gain in pending sales and new listings at 38.6 percent and 30.3 percent, respectively. St. Croix County had the biggest increase in closed sales at 10.4 percent over October 2003. Rice County’s median sales price increased 22.6 percent over October 2003.

The Saint Paul Area Association of Realtors represents 4,000 members involved in all aspects of the real estate industry.


What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription