Industry News

Twin Cities home sales tumble

Big inventory, slipping prices fuel buyer's market

Home sales in the Twin Cities, Minn., region declined for the eighth straight month in November, as still-high inventory kept a lid on prices and gave buyers more time to gauge the market, according to reports from three Twin Cities-area Realtor associations. "Despite the falling interest rates and large number of homes on the market, buyers are surprisingly still on the sidelines for now," said Deb Greene, president-elect of the Minneapolis Area Association of Realtors (MAAR). "Home sellers are facing a challenging environment for the near-term future." Realtors reported 3,244 sales of existing single-family homes, condos and townhouses last month, down 21.2 percent from 4,115 sales in November 2005. During that period, the median home price in the 13-county region sank 1.7 percent to $228,047. Fewer property owners put their homes up for sale in November, as the number of new listings fell slightly from a year ago to 5,981 but were down sharply from the 7,894 new listings added in O...