Housing prices in Minnesota and the Twin Cities metro are hitting all-time highs. The latest report from Minnesota Realtors looked at the housing market in June and found that statewide, median home prices rose to a record high of $370,000.

In the Twin Cities alone, the median price is $401,000. It’s the first time the metro has seen median prices over $400,000.

Andy Babula, the director of the Real Estate Program at the University of St. Thomas, joined Minnesota Now to break down what this means for the housing market and first-time home buyers.