Twin Cities housing market shows signs of improvementby Julie Siple, Minnesota Public Radio
ST. PAUL, Minn. — New numbers from the Minneapolis Area Association of Realtors show signs of improvement in the Twin Cities housing market.
Purchase agreements in the 13-county metro area were up 34.2 percent in February over the same time last year, and traditional sales jumped 36.2 percent.
"This year we've noticed across the board that it's gotten to be much more positive," said Cari Linn, president of the realtors' association. "More sales, lower inventory, low interest rates. The affordability is the highest it's been. So these are all great indicators."
However, the data also show the median home price fell 1.4 percent from last February to $183,000.
"I think we can safely say that we're at a plateau right now, and that we're not going to see prices rise dramatically," Linn said. "But I don't see them really plummeting like they have in the past."
The association said the warm winter helped the housing market, but low interest rates and affordable prices were probably the main draws.