Home sales in the 13-county Twin Cities area fell again in April, but the details indicate an improving housing market.
Pending home sales dropped 4 percent over the year ending in April, the Minneapolis Area Association of Realtors reported Monday.
The decline stems from the changing mix of homes selling. Foreclosures, once a big part of the market, are on the decline, which pulls down the total number of sales. Meanwhile, traditional, non-distressed home sales actually climbed last month.
The median sales price of a Twin Cities home rose in April to $197,000. That means half the homes sold for more, half sold for less.
If it seems like far more "for sale" signs are dotting your neighbors' lawns these days, the numbers bear that out.
New listings rose about 10 percent over the year, fueled by a 26 percent jump in listings of traditional homes. But because there are more buyers snapping up properties, the supply of homes for sale remains at an historically low level.