Twin Cities home sales still climbing, but more slowly
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Twin Cities home sales climbed again in August. But the pace of growth slowed somewhat compared to July, according to new numbers from the Minneapolis Area Association of Realtors.
Realtors say the market's fundamentals are still strong, but a seasonal slowdown is taking hold and affecting sellers.
Pending sales in August reached 5,244, up 10.9 percent over the same month last year. The annual rate of growth in July was 16 percent, following increases of 11.7 percent in June, 16.7 percent in May and 12.5 percent in April.
During the hot market in July, Kathy and Matthew Lewinski sold their Minneapolis home within a week after receiving multiple offers. Then the buyer's financing fell through and the Lewinskis listed their house for a second time last week.
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Kathy Lewinski said it seems like a different market now.
"No showings the first weekend, which to me seemed really odd," she said. "It's a new listing in a neighborhood that people are looking for, and there were no showings. We've had about three or four showings since. It feels like people are pickier."
However, with fewer low-priced properties like foreclosures clogging up the market, the median sales price in the Twin Cities is still rising. In August, it reached $208,000, up about 17 percent over the year.
Sellers are still getting almost every penny they're asking for. Buyers are paying 97 percent of the original list price, a ratio that continues to climb, though at a pace that's slowing.
