Twin Cities home prices continue to climb

Twin Cities home prices saw their ninth-consecutive month of gains in November.

The median sales price spiked to $173,000, a nearly 17-percent increase from November of last year.

The number of sales also climbed. Pending sales, where a purchase agreement has been signed, and completed sales both showed double-digit increases.

In addition, the Minneapolis Area Association of Realtors says the market is shifting away from distressed properties like short sales and foreclosures. New listings for those homes dropped off significantly in November. Newly listed foreclosures dropped about 21 percent, and listings of short sales plunged about 46 percent.

Meanwhile, new listings of traditional, non-distressed homes spiked about 30 percent.

In all, the November numbers indicate that improving demand and declining supply are boosting the health of the Twin Cities housing market.