Minneapolis housing prices up 14 percent over last year


The monthly 20-city Standard & Poor's/Case-Shiller housing index released Tuesday showed positive growth when taken on the whole: Home prices in the cities continued to soar in May, rising 12.2 percent from a year ago, USA Today reports. That was the most robust annual gain in more than seven years.

Prices went up month-to-month, too. From April, prices rose 2.4 percent in the 20 cities, Case-Shiller reported.

All 20 cities showed positive monthly returns for May, including Minneapolis, where prices rose 2.2 percent from April to May, the report says. Minneapolis home prices also rose from March to April, by 2.9 percent, after a decline of 1.1 percent in March/February.

Home prices are up 14.1 percent in Minneapolis from last year, the newly released report says.

Case-Shiller has just one gloomy figure for Minneapolis: When adjusted for seasonal factors, prices actually dipped in May from April in two cities, Cleveland and Minneapolis: -0.2 percent in Minneapolis. (Seasonally adjusted numbers are used by data crunchers to more easily compare month-to-month fluctuations, without the skewed data that comes with changes attributable to seasons.)

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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.