Home Prices, Sales In Twin Cities Set Records

MINNEAPOLIS (WCCO) -- Home prices and home sales in the Twin Cities have set new records.

A new report from the University of St. Thomas found the median sale price hit $242,000 last month.

That's $4,000 above the record set before the 2006 housing bubble burst.

What's driving up prices is fewer homes are on the market and more homeowners are upgrading their homes before selling them.

In addition to that, more than 7,100 homes were sold in June, which is also a record.

Real estate experts at the university say that unlike 10 years ago there's no threat of a housing crisis now because lending standards have been reformed.