A cool November for home sales brought the housing market in the Twin Cities one step closer to a buyer's market -- at least for now. Last month there were 3,213 home sales in the 13-county metro, a 17-percent decrease over last year, according to monthly data from Minneapolis Area Association of Realtors. With fewer foreclosures in the mix and a shortage of listings in some areas, the median price of those sales rose 5.1 percent to $205,000 compared to the same period last year. "Buyers seem to be back in the driver's seat this winter," said Amy Jurek, a sales agent with RE/MAX Advantage Plus. "They have a decent amount of properties to choose from with amazing interest rates." Home sales in the Twin Cities all year have failed to keep pace with 2013 largely because there were fewer investors in the market. Distressed sales - foreclosures and short sales - represented just 13.4 percent of all closings last month compared with upwards of 20 to 40 percent at various times last year. "November 2014 wasn't a normal market," said Jurek. "With more homes to choose from this fall and winter and less competitive offers, buyers have grown complacent with market." In the second-to-last monthly report of 2014, the year-to-date metrics are down compared to 2013.

Nearly 46,000 home sales closed in the Twin Cities Metro from January-November this year -- 7.6 percent fewer than the same period in 2013.

But, balancing out the slower pace of sales, new listings were also down 12.8 percent year-over-year, staving off an inventory flood for now.

The takeaway for buyers and sellers --

  • Buyers face higher prices but lower interest rates and more housing chices than a year ago.
  • Sellers receive higher sales prices but are up against more inventory competition in active listing areas.

"The Twin Cities housing market is clearly continuing the process of recovery. Sales prices are up but on fewer overall sales. Fewer distressed sales are certainly a welcome sign for homeowners and realtors alike," said Michael Hunstad, president of the Saint Paul Area Association of Realtors, in a statement.