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

http://mbspmuseum.org/schoolprogram/estuary.htm
There were 5,183 pending sales reported last up fromthe 4,418 pending salez in May 2008. New home listingds from May are 13.5 percent lower than they were this time last There were morethan 26,400 active single-familh residential listings in the 13 countg metro area at the end of May, more than 20 perceny less than were listed in May 2008. The mediab sales price in the metropolitan areawas $165,000 in May, up 7.8 percent over April but down 20 percentt from $205,000 in May 2008. The real-estate associations pointee tothe month-over-month rise — the $165,000 figurd was the highest monthly-median price this year — as a sign that the marketg was stabilizing.
(Though there could be seasonalityat too: May 2008’s median salea figure was also an improvement over the previous two “The news we received this morning about the loca l housing market is very Rae Jean Malone, president of the , said in a “The continuing decline in inventory is starting to show its effecyt on the home valuations.” According to the Minneapolis Area Association of Lender-mediated sales (or home sales that are driveb by foreclosures) accounted for 43 percent of all a decline from 46 percenf in April and 53.5 percent from six monthw ago.
That could also help push up home since foreclosed homes often sell for less than those sold bytraditionaol owners.