Housing Market in the Twin Cities Recovering

The St. Paul Area Association of Realtors released a sales report today stating that the Twin Cities residential housing market showed signs of stabilization in October.

According to the report there home sales are up 2.89 percent from September with 3,206 home sales that closed last month. While the sales are up from the previous month home sales are down 17.69 percent from the previous year.

Pending sales last month were 14.62 percent higher than September, which is the first substantial increase from September to October since 2001. New listings are also down 3.25 percent from a year ago with the months supply of inventory shrinking from 12 months in September 2007 to 10 months in October.

To read more about the twin cities housing market flattening out head on over to the Biz Journals.