The residential housing market has transitioned into the fall and winter selling season, continuing the slowing of existing closed home sales. However, the market continued to regulate itself this past month, with inventory levels dropping, decreases in existing closed home sales leveling off, and pending sales easing according to data released by the Saint Paul Area Association of REALTORSÆ today.

Existing closed home sales fell to 3,895, down 19.57 percent from October of last year but only down 3.23 percent from September 2006. This 3.23 percent decline is minimal compared with the 20.75 percent decline from August 2006 to September 2006, demonstrating an adjustment to a more balanced housing market. Median sales prices for the metro area fell nearly 1 percent from last year.

The drop in inventory levels also points towards the marketís goal to achieve balance and its adjustment to seasonal changes. There was a 10.92 percent decrease in new listings from October 2006 to September 2006, and as of November 1, 2006, there were 29,796 total active listings on the Regional Multiple Listing Service for the 13-county metro area, down 5.86 percent from October 1, 2006 levels.

Within the 13-county metro area, there were 3,724 pending sales for October 2006, which translates into a decline of 1 percent from September 2006 and 18.16 percent from October of last year. The National Association of REALTORSÆ projected very little movement with pending sales in the coming months as the market tries to rebalance, and this past monthís .85 percent decline supports this idea.

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.