Twin Cities home prices climb 12% in February, Case-Shiller says - Bring Me The News

Twin Cities home prices climb 12% in February, Case-Shiller says

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The S&P/Case-Shiller index of property values in 20 cities shows home prices in the Minneapolis-St. Paul area rose 12 percent in February compared to the same month a year earlier, the Star Tribune reports.

Those gains exceeded the national average, which was up 9.3 percent, Bloomberg reports.

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Wall Street Journal notes mortgage-interest rates continue to hover near record lows and the number of homes on the market remain in short supply.

The lack of inventory is fueling a surge of new home construction. The Builders Association of the Twin Cities reports permits for construction of homes and apartment buildings are running 50 percent ahead of the same time last year.

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