Twin Cities Home Sales Slip in February
Twin Cities home sales slipped in February, dropping about 5 percent from the same month a year earlier.
Pending home sales, where a purchase agreement has been signed, were up 2 percent in February. But the annual rate of increase was much smaller than in recent months.
The Minneapolis Area Association of Realtors says the median home sale price improved again in February, climbing nearly 16 percent to $160,000. And the supply of homes for sale in February dropped to its lowest monthly level since the housing crisis began, which means the glut of foreclosures and short sales is clearing from the market.
However, Minnesota Public Radio News reports those low inventory levels could also be a factor in the decline in completed home sales.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)