Booming Twin Cities housing market raises concerns

Booming Twin Cities housing market raises concerns

Created: May 01, 2021 04:13 PM

MINNEAPOLIS - Home sales in the Twin Cities are soaring, even as sites to build homes are in short supply, the cost of materials is soaring, there’s a lack of skilled subcontractors and prices are going through the roof.

The Star Tribune reports that the median price of a new house in the Twin Cities has risen more than $4,000 each of the past three months. Builders are struggling to balance the surge in demand with volatile costs.

Some are putting a lid on sales.

Buyers are being pitted against one another as builders devise unusual tactics aimed at limiting sales.

Copyright 2021 The Associated Press. All rights reserved.

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