For the first time in several months, monthly home sales fell slightly in the Twin Cities metro. During February there were 4.7 percent fewer closed sales compared with last year, but pending sales - an indication of future closings - were up slightly. That's according to a monthly report from the Minneapolis and St. Paul Area Associations of Realtors.
Agents say that near-record low inventory - there was just a 2.9-month supply during February - has stifled sales by making it difficult for prospective buyers to find suitable listings.
Other highlights from the report:
- The median price of all closed sales during the month was $160,000, up 15.5 percent.
- Traditional sales were up 21.5 percent, foreclosure sales were down 23.5 percent and short sales fell 28.5 percent.
- New listings fell 10 percent, causing inventory to fall to a six-year low of 2.9 months.