EXCERPT: “In the 15 years that the Minneapolis Area Association of Realtors (MAAR) has tracked sales trends of Twin Cities homes, the median selling price has never crossed over a quarter of a million dollars. That changed in June, said David Arbit, director of research and economics at MAAR, when as the price for a home in the 13-county area hit $259,000 last month . . . A historically low number of housing options for sale has driven up prices of those on the market. With fewer homes on the market last June than any other summer month on record, Twin Cities buyers are bidding fast and high. The average home last month sold in 47 days, about 16 percent faster than a year ago. “Similarly, the median percent of original list price received at sale was 100 percent, meaning half of the sales closed for over list price,” MAAR added. Despite soaring prices, many homeowners are wary to put their houses up for sale given the fierce competition they’d face in finding a new home. As a result, new listings fell by half a percent in June compared to last year. Just under 12,500 homes remained for sale at the end of June, MAAR said. Taking current trends—and assuming no new listings were created—the metro area’s real estate market would bottom out in two-and-a-half months. Typically, realtors consider five to six months of supply to be a balanced market, according to MAAR.” FULLSTORY: