Twin Cities housing market slows down

The Twin Cities housing market cooled a bit in October as buyers were less active than a year earlier.

There were about 4,300 signed purchases agreements last month, down 1 percent compared to October 2012. The lower activity has to do with a drop-off in the availability of foreclosures and short sales, the Minneapolis Area Association of Realtors said.

Foreclosures are dwindling as the economy improves and banks are more willing to negotiate with homeowners who are struggling financially.

New listings rose to about 6,100, an increase of 15 percent compared to October of 2012. The median sales price of a Twin Cities home also climbed over the year, the Realtors group said. At $195,000, it was up 11 percent.