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“As 2021 ends, we see the return of a normal seasonal cycle. Gaps compared with the previous year reflect the remarkably high volume of sales in December 2020. Seen in the larger historical context, 2021 ended on a high and healthy note,” said Chris Galler, CEO of Minnesota Realtors. “The increasing median and average price for homes reflects the fact that buyers are still actively competing for properties. Limited inventory will continue for the foreseeable future due to escalating construction costs, labor and materials shortages, zoning requirements and regulatory burdens. As buyer demand increases, home prices will rise. Even if interest rates go up in the spring, these initial increases are unlikely to diminish Minnesotans’ appetite for buying homes in 2022.”
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