Home sales in the Twin Cities hit 10-year high


The Twin Cities housing market last month reached a level not seen in 10 years with almost 7,000 closed sales.

The Minneapolis Area Association of Realtors revealed Monday that 6,928 homes changed hands in the metro area in June, the highest June figures since the housing boom in 2005, when 7,025 deals were closed.

A further 6,266 sales are pending as well, which the association says is a 19.2 percent rise on a year ago. Plenty of properties are also still being put up for sale, with 8,678 new listings – the highest seen in any month since April 2010.

"Buyers have been extraordinarily active this spring and summer," association president Mike Hoffman said in a release. "With both pending and closed sales activity officially reaching 10-year highs, consumers — particularly first-time buyers —understand that the timing is right. Therefore, sellers are also getting strong offers quickly."

Although there was an increase in listings last month, the total number of homes listed for sale is still 9.4 percent lower than it was last year, making the Twin Cities very much a sellers' market with 99.6 percent getting at least their last list price.

The Star Tribune reports that buyers are being "emboldened" by wage growth and mortgage rates at near historic lows of around 4 percent. And they are being further motivated to lock themselves into a mortgage by the prospect of interest rates possibly being increased later this year by the U.S. Federal Reserve, the paper notes.

House prices close to record – but buyers get better value

The median sales price last month was $229,900 – which is closing in on the record high of $238,000 in June 2006.

But people are getting more for their money than in 2006, spending $128 per square foot, which is 18.5 percent less than the record high.

"The price per square foot is still quite a bit down below what the previous peak was," real estate agent Pat Paulson told MPR News. "So over the last 10 years, typically there are larger homes that are selling."

Next Up


Pandemic pushes need for cybersecurity and I.T. professionals to forefront

University of Wisconsin-Superior is helping meet demand with online master’s programs

Screen Shot 2020-12-03 at 5.01.58 PM

Body found floating in Minnesota River in Shakopee

Efforts to identify the deceased are underway.

Hennepin County Government Center

Judge finds suspect guilty in 1991 murder of young Minneapolis woman

A 58-year-old man from South St. Paul, who was 29 at the time, has been found guilty of stabbing a 20-year-old woman

northfield community education center

Northfield school fires employee who allegedly gave melatonin to infant

It's against district policies to give a child anything without a parents' permission.

state hockey tournament, mshsl

MSHSL approves 3 calendars to start winter sports as soon as Dec. 21

The start date will depend on whether the state shutdown is lifted.


Drug overdose deaths up 31% in the first half of 2020

Overdose deaths started to increase sharply in March, which coincides with the state-ordered lockdown for the COVID-19 pandemic.

los ocampos

Video: Vehicle crashes into St. Paul restaurant

The fire department is on scene addressing a gas leak.

covid-19, coronavirus

Latest county infection rates are sky-high throughout Minnesota

Kandiyohi County is one of the hardest hit counties in the state.

Jenna Fish

Family's warning after teen's tragic death from CO poisoning at Thanksgiving

A 17-year-old girl from Delano died after Thanksgiving due to carbon monoxide poisoning.


More than $12K donated to MN gym owner who refused to close

The small business is located in town in Wabasha County.

radio station, microphone

MPR, The Current launch new weekly segment called 'The Warming House'

The program will feature feel-good entertainment amid the pandemic.