Industry News

Twin Cities home sales plummet

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Home sales in the Twin Cities, Minn., area fell in July for the fourth straight month as rising inventory significantly slowed home-price growth, according to reports from three Twin Cities-area Realtor associations. Realtors recorded 4,872 home sales last month, down 18.7 percent from 5,995 sales in July 2005. During the same period the median home price in the 13-county region inched up 0.9 percent to $235,459, although this was down from June's $236,850 median. In Anoka County, closed home sales dropped 30.4 percent from a year ago to 439 last month, and Sherburne County sales fell 30.1 percent during the period to 144, the North Metro Realtors Association reported. The North Metro area is feeling the pinch of the tightening economy, as current and potential homeowners weigh the costs of transportation and other necessities. "Those same economic factors that are contributing to slowing sales rates may also be prompting more sellers to try their chances with the market," said Jeff G...