Twin Cities housing recovery gains steam

Tuesday, February 26, 2013

Tuesday, the University of St. Thomas issued its monthly residential real estate price report index, which shows that the housing market is off to a strong start this year with price gains driven by the lowest inventory in nearly a decade. During January only 4.28 homes were for sale for every home sold. A year ago that ratio stood at 6.8 homes. Herb Tous­ley, director of the real estate program at the University of St Thomas, said a market that is well-balanced between buyers and sellers typically has a ratio between six and 10 homes for sale for every one sold.

“The good news for sellers is that as we move into the spring market more potential buyers will find a limited number of homes for sale, which will put upward pressure on prices,” he said.

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Originally published: 02/26/2013, Star Tribune