Industry News

Month 6 of Twin Cities real estate downturn

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Home sales in the Twin Cities, Minn., area dropped for the sixth straight month in September, as prices held steady with year-ago levels, according to reports from three Twin Cities-area Realtor associations. Realtors recorded 4,025 closed home sales last month, down 23.7 percent from 5,277 sales in September 2005. During the same period, the median home price in the 13-county region was mostly unchanged at $229,900, compared with $230,000 a year ago, but was down from $235,000 in August. There was a 5.1 percent decline in new inventory added to the metro during September, as 8,862 new listings came on the market, down from 9,336 a year ago, the Saint Paul Area Association of Realtors reported. The inventory levels remain historically high for the system, however, with 30,977 active listings on the market at the end of September, up 27.4 percent from the same point in 2005. "Of course the imbalance which occurred with the inventory glut over the past nine months has helped buyers gain...