Pending home sales reach 8-year high in Twin Cities metro

Author:
Updated:
Original:

Pending home sales in the Twin Cities jumped 18.5 percent last month to the highest level since June 2005, according to data released Wednesday by the Minneapolis and St. Paul Area Associations of Realtors.

The median home sales price in the Twin Cities also rose 15 percent to $194,450 compared with the same month last year. Minnesota Public Radio notes it was the highest median price since August 2008.

"With the recent disparity between massive buyer demand and sluggish seller supply, it is encouraging to see a substantial increase in traditional listings," Andy Fazendin, President of the Minneapolis Area Association of Realtors, said in a news release.

There were 14,375 homes for sale in the 13-county metro area in May, down more than 22 percent from 18,512 a year earlier, the Pioneer Press reports.

The tight supply of homes on the market is also prompting bidding wars in select Twin Cities neighborhoods, especially on properties priced below $200,000.

Next Up

Screen Shot 2021-06-20 at 9.21.00 AM

Updates on Minnesotans bidding for spots at the Summer Olympics

St. Paul's Suni Lee could qualify for the U.S. gymnastics team this week.

golf cart

Federal charges: Minnesota man stole 63 golf carts in 7 states

Nathan Rodney Nelson has been federally charged with transportation of stolen vehicles across state lines.

Screen Shot 2020-06-15 at 7.11.05 AM

1 dead, 1 wounded in separate St. Cloud shootings

It was one of two shootings that happened overnight in the city.

Byron Buxton

Buxton, Kepler lead Twins to weekend sweep over Rangers

Kenta Maeda's solid outing on the mound gave the Twins a 4-2 victory.

storm, severe weather

Severe thunderstorm watch issued for south Minnesota, tornadoes possible

The watch area is just to the south of the Twin Cities.

ambulance

10 injured when minivans collide, overturn in west-central Minnesota

The incident occurred at the intersection of County Road 1 and County Road 29 in Kandiyohi County.

William Carlson

Nearly 80 years later, Minnesotan honored for WWII heroism

He defended a sinking passenger ship from a U-boat.

ambulance, crash

Pedestrian fatally struck by driver in Brooklyn Park

The identity of the victim has not been released.

storm, severe weather, shelf cloud

Some storms could pack a punch Sunday afternoon

Widespread severe weather is not expected, but some storms could get feisty.

Related