Industry News

Twin Cities buyer’s market going strong

New listings flood market in January

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Home sales in the Twin Cities, Minn., market continued to fall in January, impacted by a rush of new listings and lower prices, according to statistics from two area Realtor associations. There were 2,502 sales of existing single-family homes, condos and townhomes last month, down 13.3 percent from 2,886 sales a year ago. January's decline marked the 10th consecutive month of lower year-over-year sales. The median price paid for a home in the 13-county region last month dipped approximately 1 percent from a year ago to $225,000. For 2007, the Minneapolis Area Association of Realtors expects median-price growth to settle somewhere around 1 percent. For several years prior to 2006, price appreciation was in the 6 percent to 12 percent range, which is well above historical norms for the region. New listings last month were ahead of their year-ago level by 5 percent, posting 8,931 units listed for the month, but were up an extraordinary 105 percent from December's 4,361 new listings. At t...