March was a good month for sellers in the Twin Cities real estate market and sets April up to follow suit. An increase in purchase agreements caused an impressive increase in home prices, the Star Tribune reports.
According to data released Wednesday by the Minneapolis and St. Paul Realtor's Associations, the median price in the metro last month was $176,000, an increase of 17.4 percent.
At the same time, the Pioneer Press points out, there's some concern over a shrinking inventory. The number of homes on the market dropped 31 percent to 12,615.
Realtors say closed sales last month included fewer foreclosures and short sales, which contributed to the decline in houses listed.
The Star Tribune says 75 percent of new listings in March were not foreclosures or short sales--the highest level since May 2008.