Twin Cities homes sell at record pace

The Twin Cities housing market has reached a 10-year high.

According to the Minneapolis Area Association of Realtors, there were more than 6,900 closed sales in June, 22 percent more than at the same time last year. That number is just shy of the homes sold in June 2005, about the time the housing bubble was at its peak.

Meanwhile, the median sales price climbed nearly 5 percent to $230,000. But realtor Pat Paulson said larger houses are selling at a quicker pace than small houses.

"The price per square foot is still quite a bit down below what the previous peak was," Paulson said. "So over the last 10 years, typically there are larger homes that are selling."

Housing inventory — the number of homes listed for sale — is down 9 percent compared to last year.