February home sales in the Twin Cites 13-county metro area dropped nearly 5 percent from the same month last year to 2,736 closings -- the first year-over-year dip in nearly two years -- the Star Tribune reports.
Minnesota Public Radio notes the shortage of homes on the market last month could be a factor in the drop of completed sales.
Finance & Commerce says the latest monthly report from the Minneapolis Area Association of Realtors shows the median home sale price improved more than 15 percent to $160,000.
“We’re watching seller activity almost more than buyer activity,” said Andy Fazendin, president of the Minneapolis Area Association of Realtors, in a statement. “Bank listing activity is down while traditional seller activity is up. That’s an encouraging shift.”
“Judging by the number of inquiries agents are receiving, buyers seem prepared and motivated this spring,” added Emily Green, MAAR president-elect. “We anticipate an uptick in new listings and we hope it is enough to meet the strength of buyer demand."
Check out the full report below:
Meanwhile, for the third year in a row, Minnesota is ranked the least affordable Midwestern state for renters, MPR reports.
The report, dubbed "Minnesota Out of Reach," found more than 50 percent of renters in the state can't afford a two-bedroom apartment -- which, one average, rents for $836 a month in Minnesota
WCCO says Hennepin and Ramsey are listed the least-affordable counties in the state. The most affordable counties are Aitkin and Wabasha.