Twin Cities: April's Home Sales Stats Offered Some Measure Of Comfort

Here's the good news: the huge inventory of homes for sale in the Twin Cities appears to be stabilizing. The total number (which excludes new construction) grew just 1.5 percent last month, its smallest year-over-year increase in at least three years, as more sellers pulled back. New listings fell by double digits for the second month in a row, the steepest declines in many years. Plus, the pace at which pending and closed sales have been declining from last year, slowed in April and have even picked up in recent months. With 32,368 homes on the market, there is still a 10.2 month supply of homes, double the 5-month supply that's considered a balanced market. Hope springs eternal among agents. "Buyers are coming back into the market because they can see the boom and opportunity is now," says Greg Bauman, president of the St. Paul Area Association of Realtors. Kevin Knudsen president of the Minneapolis Area Association, called the drop in seller activity "A sign of hope for market recovery.