Star Tribune Wed, 13 Feb 2008 04:56:23 GMT
Crumbling house market bedevils metropolitan area
For Twin Cities-area real estate agents, last month was the slowest January in more than a decade. The number of closed home sales in the Twin Cities metropolitan area fell 21.3 percent compared with January 2007, and the median sale price fell 8.9 percent, according to data released Tuesday by Twin Cities-area Realtor associations. There were 1,969 closed sales of single-family houses, condominiums and townhouses in January. Buyers signed 2,562 purchase agreements last month, compared with 3,230 in January 2007 and 3,420 in January 2006, said the Minneapolis Area Association of Realtors. Slack demand and an oversupply of unsold homes pushed the median sale price down to $205,000 -- a 10 percent decline, or $20,000 lower -- than in the same period two years ago.
[[keywords: Housing;Metro;]]
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