Industry News

Twin Cities home sales tumble

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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...