Watch CBS News

Report Shows 2016 Home Prices, Buying Increased In Twin Cities

MINNEAPOLIS (WCCO) -- More people were buying homes in the Twin Cities metro area last year, but not as many people were selling them.

That's according to an annual report released on Tuesday by the Minneapolis Area and St. Paul Association of REALTORS.

Buyers closed on almost 60,000 homes last year, but the number of properties listed on the market dropped more than one percent.  Experts noted one big reason why sellers might have been hesitant to list their homes on the market last year.

"My experience is they are just afraid to put their home on the market because the inventory is so low that they aren't going to find anywhere to move to, so if they sell their house too quickly...then they don't have a place to go, so there is a lot of uncertainty," said Cotty Lowry, president of the Minneapolis Area Association of REALTORS.

The shortage in housing up for sale led to a bump in the average sale price for a home, up more than five percent to $232,000, which is an all-time record high.

Looking ahead to 2017, realtors hope higher price points might motivate people to put their homes on the market.

EMERGENCY COMPONENT - LOCAL

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.