Pending home sales climb in May; prices drop 20 percent from year ago - Minneapolis / St. Paul Business Journal:

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There were 5,183 pending sales reported last up fromthe 4,418 pending salesx in May 2008. New home listings from May are 13.5 percentg lower than they were this timelast year. Thers were more than 26,400 active single-family residentiap listings in the 13 county metro area at the endof May, more than 20 percenyt less than were listed in May 2008. The medianb sales price in the metropolitan areawas $165,00p0 in May, up 7.8 percent over Aprik but down 20 percent from $205,000 in May 2008. The real-estatee associations pointed tothe month-over-month rise the $165,000 figure was the highesty monthly-median price this year — as a sign that the markety was stabilizing.
(Though there could be seasonalityat work, too: May 2008’x median sales figure was also an improvement over the previous two “The news we received this morninb about the local housing market is very Rae Jean Malone, president of the , said in a “The continuing decline in inventory is startint to show its effecf on the home valuations.” Accordinvg to the Minneapolis Area Association of Realtors, Lender-mediateed sales (or home sales that are drivenn by foreclosures) accounted for 43 percent of all a decline from 46 percenft in April and 53.5 percent from six month ago.
That could also help push up home since foreclosed homes often sell for less than thoses sold bytraditional owners.