Industry News

Buyer’s market escalates in Twin Cities

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Home sales in the Twin Cities, Minn., area fell in August for the fifth straight month as rising inventory flattened home prices, according to reports from three Twin Cities-area Realtor associations. Realtors recorded 5,079 closed home sales last month, down 27.2 percent from 6,979 sales in August 2005. During the same period, the median home price in the 13-county region was essentially unchanged at $235,000, compared with $234,900 a year ago, and was down slightly from $235,459 in July. In Anoka County, closed home sales dropped 33 percent in August from a year ago to 466 sales, and Sherburne County sales declined 22 percent during the period to 142, the North Metro Realtors Association reported. Sellers are starting to take notice of the changing conditions of the local real estate market, as evidenced by the lower level of new listings added last month, according to NMRA. There were 10,071 new listings added last month to the metro area's existing inventory, a record high for th...