Home Sales Improve

Home sales continue to improve according to the November Minnesota Housing Report released by the Minnesota Association of Realtors. Many experts and those involved in the industry continue to note that lower inventory levels and increased absorption of the existing inventory are the keys to a housing recovery.

"Buyers are purchasing homes that are well priced and in good condition," said June Wiener, President of the state's largest professional trade association. "Housing affordability, low interest rates, increasing rents, and improving employment conditions all contributed to the strong results."

Closed transactions are a positive indicator of a stronger housing market. In November 2011, Minnesotans closed 11.2 percent more home purchases than were experienced in November 2010. Statewide, over 63,000 homes have been closed involving members of the Minnesota Association of Realtors. Year-to-date, homebuyers have closed on more homes than in previous years.