The Twin Cities median home price fell more than 15 percent last month to $140,000 from a year earlier, according to data released today.

The Minneapolis Area Association of Realtors reports that the price decline in the 13-county metro area came amid a 4 percent drop in the number of closed sales to 3,154 last month versus the year-ago period.

“Foreclosure sales accounted for roughly 40 percent of (pending sales) and 43 percent of closings,” said Brad Fisher, president of the Minneapolis Area Association of Realtors, in a statement. “While those market shares are in line with recent trends, they’re still higher than what we would like to see.”

The price of traditionally sold properties decreased 4 percent to $192,000 last month versus a year earlier. Meanwhile, foreclosure prices decreased 11 percent to $105,000 and short sale prices decreased 7 percent to $134,950.

Pending sales, an indicator of future activity, decreased nearly 18 percent from March 2010 to 4,162 purchase agreements signed last month.

While closed sales declined from March 2010, when the federal tax incentive was in effect, they were up 3 percent versus March 2009 and up 17 percent versus March 2008.

Another potentially positive indicator: inventory’s shrinking, which may help stabilize prices.

Sellers introduced 6,977 new properties to the market last month, which was roughly 30 percent fewer than a year ago. Inventory levels shrank nearly 5 percent to 24,112 units—the lowest March inventory count since 2005.

Gita Sitaramiah can be reached at 651-228-5472.