Industry News

Buyer’s market emerges in Twin Cities

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Demand for Twin Cities real estate continued to slow in June as home sales fell for the third straight month and prices grew only slightly, according to reports from three Twin Cities-area Realtor associations. Realtors recorded 5,620 home sales last month, down 16.6 percent from 6,735 closed sales in June 2005. During the same period the median home price in the 13-county region rose 2.5 percent to $236,850. Anoka County recorded 553 closed sales in June, down 19.4 percent from a year ago, and Sherburne County sales declined 23.2 percent from last year to 162, the North Metro Realtors Association reported. New listings in the region posted a monthly high in June for the 11th consecutive month, according to the Minneapolis Area Association of Realtors. New listings totaled 11,067 in June, up 11 percent from a year ago. With the growth in supply outpacing buyer demand, total listing inventory is at its highest mark on record, MAAR reported. At the end of June, there were more than 31,...