Posted: 6/14/05
Closed home sales in May continued the previous monthís trend of exceeding records set in í04, but grew by a moderate .52 percent. In the 13-county metro area 5,553 home sales were reported for the month. At the same time the regionís median sales price kept its upward momentum, rising 7.82 percent in May versus the same period last year. The median sales price for a home in the 13-county metro area reached $227,501.Ý
Inventory levels in May í05 maintained an even pace adding 9,794 new listings, or an increase of .04 percent above the May í04 reported numbers.
May í05 pending sales grew by a healthy 2.00 percent signaling the potential for an excellent June report, traditionally the peak month of the year for closed home sales. Pending sales are sales for which purchase agreements have been signed, but sales have not closed.
ìMortgage rates have not taken the upward path everyone has been predicting, yet,î said Jim Reiter, President of the Saint Paul Area Association of REALTORSÆ. ìEven Fed Chair Greenspan has been having a hard time explaining this one. And while everyone wants to talk about a ìbubbleî in the market, you arenít going to hear a popping sound in the Twin Cities. What you might hear is a little air escaping, but the expansion goes on. And thatís the good news.î
Counties showing the largest percentage increase in closed home sales in May í05 versus í04 were Goodhue (17.07 percent), Scott (13.78 percent) and Chisago (11.11 percent). Ramsey County closed home sales increased by 6.98 percent over May 04, while Hennepin County increased by 3.05 percent. Pending sales increases in May í05 versus í04 were greatest in Scott (23.94 percent), Carver (16.97 percent), and Ramsey (16.38 percent) counties. May í05 inventory increases over í04 were highest in Goodhue (28.89 percent), Chisago (15.20 percent) and Sherburne (7.90 percent) counties. Ramsey County new listings grew by 2.19 percent while Hennepin County listings decreased by 1.46 percent for the month of May í05 versus í04.
Housing statistics include existing single-family homes, condominiums and townhouses. Statistics are provided by the Saint Paul Area Association REALTORSÆ and are based on the closed existing homes sales as reported by the Regional Multiple Listing Service.
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