A Recovering Market
An analysis of Twin Cities real estate data for February shows that the housing market is continuing to recover along with the economy; home prices, new-home construction, and the percentage of traditional sales (not foreclosures) are all on the upswing.
Meanwhile, a historically low number of homes on the market is continuing to put upward pressure on sale prices.
In the Twin Cities, the median sale price of a traditional home (not a foreclosure or short sale) was $205,500 in February. That’s up 2.75 percent over the January median price of $199,000 and up 14.2 percent over the February 2012 median price of $180,000. (more…)