Twin Cities home prices rise to '07 levelby Annie Baxter, Minnesota Public Radio
ST. PAUL, Minn. — Twin Cities home prices climbed about 18 percent in June compared to the same month last year.
Local Realtor groups say the median sales price in June rose to $210,000. That was the highest it's been since 2007.
The mix of homes for sale played a big role in the price spike. Distressed properties like foreclosures and short sales made up about one-fifth of all sales. Last year at this time it was about a third.
The supply of homes for sale continues to be low. Even though seller activity is rising, demand from buyers is also strong.
Michael Hunstad, president-elect of the St. Paul Area Association of Realtors, said the low supply of homes is working in the favor of sellers, who are unloading their properties in less time than they did a year ago. But it's a different market for buyers, he said.
"Little bit tougher and a little bit more frustrating on the buy-side. But as long as people are patient they're going to get great deals," Hunstad said. "The properties that are out there now are in better condition than they have been in the past few years."