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Twin Cities home sales have strong February

Twin Cities home sales have strong February Click to Enlarge Photo:

Mar 13, 2012 at 8:59 am

MINNEAPOLIS (AP) - February was the best month for home sales in the Twin Cities area since the real estate downturn began in 2006.

The Star Tribune reports buyers signed nearly 3,800 purchase agreements in the metro area, a 34 percent increase compared with last year.

The Minneapolis Area Association of Realtors says February was the eighth consecutive month of year-over-year gains for closed sales.

Remax Results agent Luanne Lind says the unusually warm weather has created a much earlier spring market.

Falling inventories are also creating a sense of urgency among buyers. There were nearly 17,000 homes on the market in February _ the lowest since 2003.

Agents say while closed sales were up 23 percent last month, prices remain soft and deals require a lot of effort to come together.

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