Minnesota Housing Market Improves

Updated: 03/08/2013 8:40 PM KSTP.com By: Joy Lim Nakrin

Minnesota's housing market seems to be making a comeback. According to the Minnesota Association of Realtors, home prices are among the highest they've been since 2008, and homes are getting sold fast.

In terms of supply and demand, the inventory of homes for sale is at the lowest its been in ten years. Kim Melin of Edina Realty explains, "we're getting shorter market time, so the sellers are selling quicker, and they're getting closer to the list price."

Melin represents both buyers and sellers. She comments, "now we're definitely seeing a sellers' market for the first time in over ten years."

Analysts point out that low interest rates are also encouraging more buying.