Industry News

Twin Cities real estate sales drop 9%

Buyers benefit from record inventory

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Home sales in the Twin Cities, Minn., area tumbled for the second straight month in May, while median home-price growth continued to slow, according to three metro Twin Cities Realtor associations. Realtors reported 5,039 closed home sales last month, down 9.3 percent from 5,553 closed sales in May 2005. During the same period, the median home price gained 1.1 percent in the 13-county metro area, rising from $227,501 to $230,000. Closed sales in Anoka County declined once again, down 20.4 percent from last year to 460. However, Sherburne County showed promise with a 3.6 percent increase in sales during May 2006, up to 172 sales. Inventory continued to increase at record pace, growing 16.6 percent in May from the same month last year, the Saint Paul Area Association of Realtors reported. There were 11,419 new listings added to the metro sales area for the month compared with 9,794 a year ago. To date new listings are up 18.2 percent over the same five-month period of 2005. ...