Home construction heats up in metro as inventory shortage lingers

Author:
Updated:
Original:

With the number of homes on the market at a 10-year low in the Twin Cities, more house hunters are turning to new home construction, the Star Tribune reports.

The number of new single-family houses planned for the metro surged nearly 27 percent over April 2012, according to a news release from the Builders Association of the Twin Cities. Two multi-unit apartment buildings in Minneapolis pushed planned units up more than 100 percent.

“As the market has steadily improved, our members are optimistic about potential sales and report steady demand,” Pamela Belz, Builders Association of the Twin Cities 2013 president and developer with Senior Housing Partners, said in a statement. “However we are mindful of areas of concern such as costs of materials, labor, regulation, and a declining inventory of attractively priced and located lots.”

Click here, for more data on building activity in April 2013.

According to figures released earlier this month by the Minneapolis and St. Paul Realtor’s Associations, the number of homes on the market in the 13-county metro area dropped more than 30 percent to 12,615 in March.

Meanwhile, the median sales price in the Twin Cities last month was $176,000, an increase of 17.4 percent.

Next Up

Gary Kubiak

Vikings offensive coordinator Gary Kubiak announces retirement

Kubiak wraps up a career that has spanned nearly four decades.

alphaMPD

Minneapolis police seeks public help finding missing woman

A 63-year-old woman has been missing since Tuesday

coronavirus testing

Don't want to talk to a contact tracer? MN debuts online option after positive test

The department says the survey will allow its staff to keep track of more cases at a faster pace

Family Dollar

Money Gal Coaching: 12 things you are wasting your money on

Kelly Blodgett started Money Gal Coaching after paying down nearly $50K in debt in 18 months.

police lights

Three teens charged in Minneapolis robberies

The incidents took place on Saturday in Minneapolis.

covid-19, coronavirus, ppe

Here is Minnesota's COVID-19 update for Thursday, January 21

It's the first time in exactly four months that Minnesota has had fewer than 100 COVID patients in intensive care.

icy roads, bad roads

Girl, 16, killed in crash with semi on icy Minnesota road

The crash happened in Dodge County around 8 a.m. Wednesday.

police lights

Road rage incident sees driver punch out man's window, punch him in face

The incident happened in Waite Park Wednesday morning.

Screen Shot 2019-10-11 at 7.01.24 AM

Minneapolis will recover $100K in costs connected to 2019 Trump rally

The Target Center operator said it'll pay the costs over three years.

Jacob Frey

Minneapolis Mayor Jacob Frey confirms run for reelection

He has faced criticism over the city's response to George Floyd's death.

Related