Number of pending home sales last month shows 13 percent increase over May 2010

Friday, June 10, 2011

The Twin Cities real estate market is showing signs of a rebound. The number of pending sales -- where there's a signed purchase agreement -- was up 13 percent in May over the same month last year.

Real Estate professor George Karvel of the University of St. Thomas says the May uptick is a function of supply and demand.

"The improvements are generally a consequence of working through the excess housing inventory," Karvel said. "It just takes time. It'll be absorbed as new families are formed and as the population continues to grows and eventually we'll get down to the bottom of that pickle barrel and we'll be OK."

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Originally published: 06/10/2011, Minnesota Public Radio