June is usually one of the high real estate sales months in Minneapolis and St. Paul. This June new listings increased by 14% and 15% over May's new listings yet the pending sales (properties that have purchase agreements but are not closed yet) and closed sales dropped by 11%. Not enough properties are selling to prevent the glut of inventory in the market. A practical symptom of this is the large number of "For Sale" signs visible as one drives the streets.
The above figures were based on information from the Regional Multiple Listing Service of Minnesota, Inc. for the period May 1, 2006, through June 30, 2006. Information is deemed reliable but not guaranteed.