By nearly every measure, 2013 was a banner year for the Twin Cities housing market with sales rising to the highest level since 2005, and prices hitting a five-year high. Buyers closed on almost 54,000 deals – an 8.8% increase over last year, according to year-end data from the Regional Multiple Listing Service. With fewer bargain-priced foreclosures in the mix and the number of homes for sale at an 11-year low, the median price of those sales jumped 14.4 percent to $192,000. “The market exceeded my expectations,” said Michael Hunstad, president of the St. Paul Area Association of Realtors. “From the beginning of the year we knew it was going to be good, and it just kept rolling.” By most metrics the Twin Cities has paralleled, or outperformed, most metro areas nationwide. [Read this article]
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