The median sale price for all homes sold in the Twin Cities has been recording double digit year-over-year gains for the past 13 months according to the Residential Real Estate Price Report index. Many of the other market indicators are positive as well. When compared to last year, new listings are up 26 percent and pending sales are up 17.9 percent.
The continuing uptick in sale price is a good sign that the market is recovering, according to Herb Tousley, director of real estate programs here in the Opus College of Business. But should homeowners be concerned that another bubble is looming?
Tousley says there are two reasons that the housing market is not headed for another bubble.
Read more in the UST Newsroom or in the complete May 2013 Minneapolis St. Paul Residential Real Estate Index report. Additional media coverage of this month’s report included the Star Tribune and BusinessWeek Online.