Twin Cities home prices saw a big jump last month: The median price climbed to $163,000 in April, a gain of 12 percent from the same month last year.
That was the largest annual increase in at least 8 years.
The bump in prices had to do with a bigger portion of non-distressed homes in the monthly sales mix, according to the Minneapolis Area Association of REALTORS.
Signed purchase agreements and completed sales both climbed last month. The months supply of inventory and the number of homes for sale continue to drop, a sign that the market is absorbing excess supply of homes. And homes spent less time on the market last month than they did a year ago.
However, foreclosures and short sales continued to make up a big chunk — 40 percent — of pending sales in April, which suggests that the market's recovery still has a long way to go.