Booming Twin Cities housing market raises concerns

MINNEAPOLIS (AP) — 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.