Case-Schiller: Twin Cities home prices up 11% in November

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New figures from the latest Standard & Poor's Case-Shiller home price index added further proof that the housing market is recovering. Home prices in the Twin Cities increased 11 percent in November from a year earlier, MPR reports. Prices were up 1 percent from the previous month.

USA Today says single-family home prices in the nation's 20 largest metro areas climbed 5.5 percent in the 12-month period that ended in November.

"Housing is clearly recovering," David Blitzer, chairman of the index committee, said in a news release.

Earlier this month, the Minneapolis Area Association of Realtors reported home sales increased nearly 20 percent last year in the 13-county Twin Cities metro area. That’s the strongest year since the mortgage crisis began in 2006.

The median sales price for homes also went up by 11.9 percent to an average of $167,900, but inventory levels dropped to a 10 year low.

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Figures from the Minneapolis Area Association of Realtors show the median home price in the 13-county metro climbed to $175,000 in October -- up nearly 15 percent compared with the same period a year ago. MPR reports October was the eighth straight month of price gains. Pending and completed sales were also up last month.