Metro home sellers are gingerly stepping back over their thresholds and into the real estate market, new data indicate.
The median home price in the Twin Cities 13-county area in April hit $182,312, according to new data from the Minneapolis Area Association of Realtors and the St. Paul Area Association of Realtors.
The last time it was that high was September 2008, according to the Realtor group. April marked the 14th consecutive month of year-over-year price gains.
Last month there were only 13,113 houses on the market, which was a drop of nearly 30 percent from last year, according to the Realtor group. Buyers are eager for inventory this spring, but many reluctant sellers still have a mortgage higher than the value of their homes, and many are waiting for prices to rise even more, the Star Tribune reports.
But consider another stat – 7,057 new listings hit the market in the metro in April, a 7.7 percent increase over last year and the first monthly increase in several months.
"Improvement in the sales mix has boosted the Twin Cities housing market toward recovery," said Andy Fazendin, President of the Minneapolis Area Association of Realtors. "Consumers are yearning for inventory, and traditional sellers are finally starting to offer up some new opportunities."