Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Annie Baxter
St. Paul, Minn.

After tax credit expires, metro home sales plummet

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

Twin Cities pending home sales fell off dramatically in May following the expiration of the federal home buyer tax credit, according to new data out Thursday from area Realtor groups.

Pending home sales, which involve a signed purchase agreement, plummeted last month by nearly 25 percent compared to May of last year.

Brad Fisher, President of the Minneapolis Area Association of Realtors said the expiration of the tax credits in April played a big role in the pending sales drop-off.

"We expected to see a decline. We are just are uncertain now to see how long it's going to take for the consumer to realize they still have great interest rates, they still have great values out there," he said.

Fisher says a decline in pending sales doesn't bode well for home prices.

"I think we're going to probably fairly static numbers for a while. I don't think we're going to see gains anymore," said Fisher.

The Twin Cities median home price last month hit $175,000 -- up about 6 percent compared to last May. That was the fifth consecutive month of year over year gains.