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Twin Cities housing prices rise again

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Twin Cities home prices ticked upward for the ninth month in a row in November, a report says.

The median sales price hit $173,000, a 16.9 percent increase from November of last year, according to a new report from the Minneapolis Area Association of Realtors.

The number of sales also climbed 0.2 percent from November 2011, to 4,119, according to the report. Pending sales were up 12.6 percent to 3,587.

And the average number of days that properties are on the market has decreased over the last year. Last month that average was 103 days, down from 139 in November 2011 and 143 in November 2010.

The report concludes: "There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends."

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