Minneapolis home prices up 0.8 percent for month, 10 percent from 2012 - Bring Me The News

Minneapolis home prices up 0.8 percent for month, 10 percent from 2012


Home prices seem to be continuing a slow climb in the 20-city Case-Shiller index, including a 0.8 percent jump in Minneapolis from August to September.

Home prices in Minnesota's biggest city are up 10.1 percent from the same point last year, according to the survey, which is considered a key gauge of the U.S. real estate market.

In the 20 cities overall, prices extended a winning streak of year-over-year gains, posting the strongest jump since 2006, the Wall Street Journal noted.

Case-Shiller home prices climbed 1.03 percent month-over-month in September, up 13.29 percent on the year, which beat analyst expectations.

But the pace of home price increases is slowing, the Los Angeles Times notes.

The Wall Street Journal notes that as mortgage rates move up, some economists are speculating that home prices may have peaked.

Other factors, including higher mortgage rates and the partial government shutdown last month, have weighed on the real estate market, the Washington Post notes. Home resales and signed contracts to buy homes both declined last month, the Post notes.

“Other data suggest a market beginning to shift to slower growth rather than one about to accelerate,” David Blitzer, chairman of the S&P Dow Jones index committee, said.

Western cities had the biggest year-over-year price spikes in the latest survey, well above the 10.1 percent increase in Minneapolis: In Las Vegas, prices rose 29.1 percent, and prices were up in San Francisco 25.7 percent; Los Angeles 21.8 percent; and San Diego 20.9 percent.

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