Industry News

Twin Cities’ buyer’s market endures

Inventory takes toll on median home price

Home sales in the Twin Cities, Minn., area were down for the seventh straight month in October, as near-record inventory finally cut into home prices, according to reports from two Twin Cities-area Realtor associations. Realtors recorded 3,895 sales of existing single-family homes, condominiums and townhouses last month, down 19.6 percent from 4,843 sales in October 2005. During that period, the median home price in the 13-county region slipped from $230,000 to $228,000 -- a 0.9 percent decline. Some 7,894 new listings were added to the market in October, which is 4 percent below a year ago, marking the second consecutive month of year-over-year declines, after 14 months of record highs, according to the Saint Paul Area Association of Realtors. Despite the drop in inventory levels, there were still 30,491 active listings at the end of October, which is a 24.3 percent increase from the same time last year. The Housing Supply Outlook declined slightly to 7.5 months, which means it will...