Home prices fall sharply; Minneapolis among cities seeing biggest decline - Bring Me The News

Home prices fall sharply; Minneapolis among cities seeing biggest decline

Home prices in most major cities across the country fell for the second straight month, according to the Standard & Poor's/Case Shiller index. The Associated Press says the data reflects the usual fall slowdown after the peak buying season.
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Home prices in most major cities across the country fell for the second straight month, according to the Standard & Poor's/Case Shiller index. The Associated Press says the data reflects the usual fall slowdown after the peak buying season.

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Minneapolis housing price bounce is the highest among 20 markets

Good news for the local real estate market (unless you are just looking to buy): Minneapolis housing prices jumped 3.7 percent from June to July, according to the closely watched monthly S&P Case-Shiller index. Of the 20 major metros in the index, Minneapolis had the biggest monthly rise. And prices are up 6.4 percent from last year.

Minneapolis housing prices increase

Good news for the housing market: The S&P/Case-Shiller home price index rose 2.2 percent in May, beating economists' forecasts, as all 20 of the nation's largest metropolitan areas posted gains from April. And 12 of the 20 cities had higher prices than they did a year ago, suggesting that the improvement is durable, the report said. In Minneapolis, housing prices were up 3.1 percent from April, and up 4.7 percent from last year.

Home prices keep edging higher in the Twin Cities metro, Case-Shiller reports

New figures from the Standard & Poor's/Case-Shiller Home Price Index show Minneapolis-St. Paul area home prices jumped 7.4 percent in August, compared to the same month a year earlier. Nationally prices rose 2 percent from August 2011 levels. MPR notes the Twin Cities housing market has seen year-over-year gains in home prices every month since February.

Plunge in home prices not limited to foreclosures

Foreclosures and short sales made up about half of the home sales in the Twin Cities area by the end of 2011. But even among traditional sales, prices are plunging. The median price fell more than ten percent last year, down to $190,000.

Foreclosures drive down Twin Cities home prices

The average home in the metro area is now going for around $149,000. That's about 10 percent lower than a year ago. Foreclosures and short sales, economic fears and budget-minded buyers are keeping prices down despite stronger sales.