Twin Cities home prices rise as summer market sizzles

It could be a sizzling summer for some Twin Cities home sellers , local real estate agent Joey Oslund says.

Why it matters: With the most fruitful house-selling season in full swing, we're checking out where the market stands.

What they're saying: "If the pictures look good, if it feels good when you're in the house and if it's priced competitively, I tell my buyers they're potentially going to be in a multiple-offer situation," Oslund tells Axios.

• One of his recent listings in Rogers flew off the market, garnering seven offers before selling for about $40,000 over the original asking price, Oslund says.

The big picture: Twin Cities home prices are still rising — up 4.5% in May from a year earlier, Redfin data shows — proving at least one gloomy forecast wrong.

Between the lines: Shoppers who take the plunge are increasingly getting family help , Oslund says, pointing to a client whose parents are paying cash for their $1.2 million home.

• Those buyers "have great jobs, but we used that [cash offer] to help them win a multiple-offer deal."

What's next: Elevated mortgage rates , which are dampening the appeal and affordability of home buying for many, could remain high for longer.

• The Fed signaled in June that only one interest rate cut is coming this year.