Sellers winning spring Twin Cities housing market
Wednesday, April 10, 2013
The median price in the 13-county metro area was $176,000 in March, up 17.4 percent from the same month last year, according to data released Wednesday, April 10, by the Minneapolis and St. Paul Area Associations of Realtors.
The March report and its price gains are basically good news, said Herb Tousley, who directs real estate studies at the University of St. Thomas. But more houses must be offered for sale to bring the market back into balance, he said.
"You hear people talking about (receiving) multiple offers" on a home, Tousley said. "Now, it's more of a seller's market."
Data indicate that perhaps 18 to 20 percent of Twin Cities' area homes are still "under water," meaning owners owe more on their mortgages than the houses are worth, Tousley said. But as prices continue to climb and homeowners' equity positions improve, "more people might come out from underwater" and decide to sell, he said.
Originally published: 04/10/2013, Pioneer Press