Mixed signals coming from Minn. real estate market

The latest numbers from a Minnesota real estate group show mixed signs about the state's housing market.

Completed home sales in November were down about 30 percent from the same month in 2009 on a statewide basis.

But Chris Galler, president of the Minnesota Association of Realtors, said November 2009 is a tricky comparison point, because that was when federal homebuyer credits were supposed to expire, which caused a big rush in home closings.

Galler says the increase in sales between November 2008 and last month is more instructive.

"November 2010 is very similar to November of '08 in that we didn't have any funny money in the marketplace," he said. "And since we're hitting transactions, we're confident we're moving in the right direction."

However, housing inventory levels remain at unhealthy levels. They jumped in November from the year before and are also up considerably from November 2008.