MINNEAPOLIS (WCCO) — Home sales are at their highest level in three years according to new national figures released on Thursday.
In Minnesota, the big story remains the lack of homes on the market, with inventory down more than 15 percent from last year.
Still, sales are picking up and homes are selling relatively quickly, according to Minnesota Association of Realtors CEO Chris Galler.
“Now that we’re coming out of winter, Parade (of Homes) is out there. A lot of people are looking at new homes, and those sellers that have been waiting for the market to recover will now enter the marketplace and move on with their lives,” Galler said.
Galler says with the exception of inventory, everything else is in place going into spring. Home prices are up more than 14 percent over last year. The median sales price for February was more than $142,000, compared to $125,000 for February of 2012.