Homes sales slip in May as inventory expands

http://twincities.bizjournals.com/twincities/stories/2006/06/12/daily4.html ^ | 6-12-06 | John Vomhof Jr.

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Twin Cities home sales for May were down from a year ago, as the housing inventory continued its record growth, the local Realtors associations reported Monday.

There were 5,039 closed home sales in May in the 13-county metro area. That is down 9.3 percent from a year ago, but up 28.6 percent from April.

The median sales price rose 1.1 percent to $230,000 in May, compared to $227,501 a year earlier.

There were 5,749 pending sales in May, down 14.5 percent from 6,726 a year ago.

New listings continued to soar in May, jumping 16.6 percent to 11,419.

Following several months of increased listings, there was a record 30,179 active listings on the market in May, up a staggering 43.4 percent from 21,048 a year ago. There were 5.39 listings for each expected home sale in June, up 71.7 percent from last year at this time.

Inventory levels are expected to keep rising through the summer.

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ping

[brytlea]

Do they mix new houses with pre-existing homes in these numbers? I always wonder, at the rate they are building houses, if pre-existing homes are selling as well as new ones?
susie

[ex-Texan]

Watch your key words today as they expand with hate speech.

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They already hit my other threads.

[ex-Texan]

The same cowardly bunch. They use key words to signal their buddies to dog pile on you. They think they can send these messages unseen by the Admin Moderators unlike FR mail (they must get together and plot their strategies in realtor chat rooms).

[MonroeDNA]

The Willie Greens of housing are here once again.