MINNEAPOLIS (WCCO) — The Twin Cities housing market has hit a milestone in the month of June.
The median sales price reached an all-time high of $242,000, surpassing the record set 10 years ago in June 2006.READ MORE: MN Rep. Ilhan Omar Visits Afghan Evacuees At Fort McCoy Calling It 'Uplifting' And 'Emotional'
But, Minneapolis Area Association of Realtors president Judy Shields said it’s important to remember we were in a much different market back then, one that led up to the burst of the housing bubble and, ultimately, a recession.READ MORE: Man Dies In Lake Street Shooting
“Don’t forget we got into a lot of foreclosures and short sell inventory in those down years,” she said.
As for the current housing market, Shields said low inventory remains an issue, with many potential sellers worried they won’t find a new home to buy.MORE NEWS: Minnesota Families Soak Up Warm Weather With Fall Festivities
“In 2006 we were still pretty strong. We’re going to start seeing some of that inventory turn,” she said.