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 October. This marked the third consecutive month of year-over-year declines, following 14 months of record highs, according to MAAR.

Despite the drop in new listings, there were still 27,535 active listings at the end of November, which is 21.2 percent higher than the same period a year ago, MAAR reported. It should take the current inventory seven months to sell through completely — the market is considered balanced with a 5-month supply — which suggests buyers will be able to negotiate more favorable terms with sellers.

Statistics are provided by the Saint Paul Area Association of Realtors, the Minneapolis Area Association of Realtors, and the North Metro Realtors Association.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription