Industry News

Twin Cities real estate sales plummet 15%

Record inventory fuels buyer's market

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Home sales in the Twin Cities, Minn., area fell by double digits in April, while the median home price grew modestly from a year ago, according to three metro Twin Cities Realtor associations. Realtors reported 3,919 closed home sales last month, down 15.6 percent from a year ago when 4,645 sales were recorded. During the same period, the median home price grew 2.7 percent in the 13-county metro area, rising from $224,000 to $230,000. Counties all over the metro area fared similarly, with Anoka County closed home sales decreasing 22.3 percent to 360, and Sherburne County closed sales declining 22.9 percent to 135, the North Metro Realtors Association reported. New listings set an April record at 10,864 units, marking the ninth consecutive month of record new-listing activity, according to the Minneapolis Area Association of Realtors. However, new listing growth was only 4 percent higher than last April after several consecutive months of 20 percent annual growth or more. A...