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Monthly report: Residential property selling like a house afire

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Another gangbusters monthly report for Twin Cities housing sales.

The Star Tribune has the latest trends from the Minneapolis Area Association of Realtors and the St. Paul Area Association of Realtors. It finds that buyers have not been deterred by mortgage rates that have begun to creep up. The associations found that both sales and prices were on the rise for residential housing in the month of June.

The median price for all closings was $210,000, an increase of a hefty 17.5 percent. That's the highest median price since 2007. New listings were up by 20 percent, the second-largest gain since March 2010.

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