Home prices reach record high in tight Twin Cities housing market

Home prices in the Twin Cities reached a record high in June, according to Realtor associations in Minneapolis and St. Paul. The median home price in June is $259,000, a 7 percent increase from the same month a year ago. Home prices have now risen for the last 64 consecutive months. The rise in prices is a direct result of a shrinking number of homes on the market. Since last June, inventory levels have fallen 16.5 percent to 12,464 units in the Twin Cities. Currently, there's only enough homes…

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