Number of homes for sale in Twin Cities at 10-year low

(KMSP) - More people are looking to buy homes than there are homes for sale in the Twin Cities, according to a new study from the University of St. Thomas.

There has been a shortage of homes for sale all year, but in December, there were only 10,301 homes for sale in the metro area – the lowest it has been in 10 years. There is particularly a shortage of moderately priced homes, with the demand for homes $400,000 or less greater than the number of homes available, according to researchers. 

The study says the Twin Cities housing market has been steadily recovering for the past three and a half years, with home prices improving and more people looking to buy homes now than they were several years ago.  Researchers say they expect the trend to continue in 2016.