Home inventory in Twin Cities metro at 9-year low

The number of homes on the market in the Twin Cities was down more than 30 percent last month — the lowest inventory levels in nearly a decade, according to the Star Tribune.

The median home sales price in the 13-county metro area jumped 15.5 percent to $179,000 compared with a year ago, according to a report by the Minneapolis Area Association of Realtors. Pending sales were up 19.5 percent in August while closed sales were up 12.3 percent.

Low mortgage rates and strong demand helped give the Twin Cities housing market a big boost in July.