A number of indicators point to continued improvements in the Twin Cities housing market.
The median home sale price rose to about $182,000 in April, according to a new report from the Minneapolis Area Association of Realtors. That marked an annual price gain of 12 percent. And it was the highest median sale price since September 2008.
Signed purchase agreements and completed sales also rose over the year ending in April.
But the market is still very tight.
"The demand has been nothing short of crazy — crazy high — the last six months or so," said Andy Fazendin, president of the Minneapolis Area Association of Realtors. "And the listing activity is up about 7 percent over last year. However, it still is not even close to enough to absorb the demand."
Fazendin says the tight supply of homes for sale is likely to continue for a while.