Case-Shiller: Twin Cities home prices up 9.2 percent in October - Bring Me The News

Case-Shiller: Twin Cities home prices up 9.2 percent in October

Author:
Publish date:
Social count:
0

New real estate numbers from the latest Standard & Poor's Case-Shiller home price index, which tracks 20 major U.S. metro areas, show single-family home prices continue their recovery in the Twin Cities, the Star Tribune reports.

October’s prices were 9.2 percent higher than the same month a year ago. The Minneapolis-St. Paul area was among the strongest markets. Only Phoenix and Detroit grew faster.

"Our inventory is so low and buyer demand is so strong that this is going to be a very healthy winter," Aaron Dickinson, a sales agent with Edina Realty, told the Minneapolis-based newspaper.

Nationally, prices increased 4.3 percent in October compared to 12 months ago, USA Today reports. Only Chicago and New York saw declines.

Click here, for Case-Shiller's news release.

The Commerce Department says sales of new U.S. homes jumped 4.4 percent in November -- the highest level since April 2010, Fox Business News reports.

According to the Minnesota Association of Realtors, home sales grew 8 percent in October from last year, with 7,662 closings in Minnesota. The median price of those closings was up 9.4 percent from last year to $152,000.

Twin Cities home prices also ticked upward for the ninth month in a row last month. The median sales price hit $173,000, a 16.9 percent increase from November of last year.

Related

Twin Cities home prices, sales up in June

A new report from the Minneapolis Area Association of Realtors show median sales price rose 10.7 percent to $179,500 in the 13-county Twin Cities metro. Closed sales also grew 13.8 percent last month.

Home prices continue to bounce back in Twin Cities metro

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.

Home sales, prices continue uptick in Twin Cities metro

September was another good month for home sellers in the 13-county Minneapolis-St. Paul metro. The Business Journal says pending sales grew 11 percent last month, compared to the same month a year ago, according to the Minneapolis Area Association of Realtors. The median home sales price also increased 12.3 percent to $174,000 in the Twin Cities area, Finance & Commerce reports. However, the number of homes for sale dropped 29.4 percent -- the lowest level in nearly a decade.

Next Up