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Jessica Mador
St. Paul, Minn.

St. Paul realtors say inventory is shrinking

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The latest figures from the St. Paul Area Association of Realtors shows that inventory of homes for sale in the Twin Cities metro area is shrinking.

Some in the Twin Cities real estate market say this could be sign of a turnaround.

Last January, more than a year's supply of homes were on the market. Last month, there was only about a ten month's supply, a decline of about 23 percent.

The sales picture is also improving.

Pending sales were up this January by more than 10 percent over the same time last year.

Meg Chiodo from the St. Paul Area Association of Realtors says the housing market could be showing signs of recovery.

"The showings have really picked up and to me that is a strong indicator that buyers are out there. They want to get out there and start seeing stuff if you compare with last year our showings are way up"

But home values are still down metrowide. The picture is even worse in Minneapolis and St. Paul, largely due to the glut of foreclosed homes on the market.