What happens when you're trying to buy a home and the competition is willing to go far above the asking price? That's the experience of a lot of first-time home buyers in the Twin Cities these days. It's a seller's market, according to industry experts, leaving many first-time home buyers out of options.
At the end of May, there were 10,403 houses on the market in the Twin Cities, which is 17.8 percent fewer than last year. Home sales have been falling, too.
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MPR News host Kerri Miller spoke to David Arbit, the director of research & economics for Minneapolis Area Association of Realtors and Herb Tousley, director of Real Estate Programs at the University of St Thomas.
Use the audio player above to hear the full discussion.