House listings in the Twin Cities up 7.7 percent; sales up 5.3 percent

Friday, May 10, 2013

Improvements in the economy are having a dramatic effect on all facets of the housing market, especially construction of houses and rental apartments, said Herb Tousley, director of real estate programs at the University of St. Thomas. Minnesota’s 5.5 percent unemployment rate is well below the national average, and the state has added 50,800 jobs in the last six months.

“Employment plays a major role in household formation,” Tousley said. “As the number of people who are employed increases, more people will be moving into places of their own.”

Originally published: 05/10/2013, Star Tribune