MINNEAPOLIS (WCCO) — Just-issued figures for 2011 are showing signs of recovery in Minnesota’s housing industry, with good news for buyers and sellers.

The Minnesota Association of Realtors reports a 2.9 percent increase in closings statewide last year, with a 9 percent increase in the Twin Cities metro area.

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And the good news for sellers? Chris Galler of the Realtors association says the inventory of homes for sale is shrinking, which is driving up prices, though very gradually.

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“That’s what people need to keep in mind,” said Galler, “so they don’t get overly jubilant and say, ‘Oh boy, prices are going to go up $10,000!’ They’re not.”

Buyers, at the same time, are still seeing low prices. The median, or midpoint, price statewide fell 8.4 percent in the past year, to $135,000.

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NewsRadio 830 WCCO’s Steve Murphy Reports