Twin Cities home prices post record gain

Wednesday, June 26, 2013

Now that the economy is recovering, homeowners are more willing to test the market and are increasingly getting the asking prices for their homes. That, combined with an overall shortage of homes, is driving up values in many neighborhoods, reported the Star Tribune.

“It’s a seller’s market now, and part of that is driven by historically low supply,” said Herb Tousley of the Shenehon Center for Real Estate at the University of St. Thomas.

With inventory so scant, bidding wars have become widespread among area buyers, sometimes resulting in sales that actually exceed asking prices.

The St. Thomas Residential Real Estate Price Report shows that the median sale price of a traditional home in the Twin Cities in May was $220,000, a 7.3 percent increase over last year.

Originally published: 06/26/2013, Star Tribune