MINNEAPOLIS — Houses in the Twin Cities metro sold at a record pace last month.
According to a monthly report from the Minneapolis Area Association of Realtors, both closed and pending sales reached 10-year highs.
With buyers outpacing sellers in some parts of the metro area, houses on average sold in an unprecedented 66 days.
The Star Tribune (http://strib.mn/1fDUWxV ) reports in the 13-county metro area, there were 6,928 closings last month, a 22 percent increase over last year. New listings rose only 4.6 percent, leading the total inventory of listings at the end of the month to slip 9.4 percent.
Mortgage rates remain near historic lows. Facing the threat of higher home prices and rising mortgage rates, buyers are more motivated than they were last year at this time.
Information from: Star Tribune, http://www.startribune.com