Twin Cities Home Prices Increase as Listings Decline

Meritte Dahl

Twin Cities home prices continued to increase in March, while the number of home listings declined, the Pioneer Press reported.

The Pioneer Press reported the median sale price of a Twin Cities home was $176,000 for the month of March, up 17.4 percent from March of last year, according to data from Twin Cities realtor's associations.

The price increases are the result of several factors, the Star Tribune reported. Due to a smaller number of houses on the market, multiple offers are common in many areas.

Declining foreclosure sales are also contributing the the change, the Pioneer Press reported. Foreclosure sales and short sales, known as distressed sales, skew the median lower, because they are sold for less than is owed on the seller's mortgage.

See complete March housing data from the Minneapolis Area Association of Realtors and Saint Paul Area Association of Realtors.