Home sellers in the Twin Cities still have a substantial advantage over buyers, but buyers gained considerable ground last month as listings increased and competition eased slightly.

Last month there was a nearly 16% annual increase in the number of homes for sale across the metro — the most for any May in at least four years, according to the Minneapolis Area Realtors. At the same time, buyers signed 5% fewer purchase agreements than a year ago, giving them more choices than they've had in many months.

Despite the decline in pending sales, closings — a reflection of deals signed in recent months — rose 10.5% over last year, causing the median price of those properties to increase 4.1% to $385,000.

Meanwhile, in a separate report, statewide prices rose to a record $350,000.

"While the market is undergoing corrections, it is not a balanced market yet," Amy Peterson, president of the St. Paul Area Association of Realtors, said in a statement.

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