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Twin Cities real estate market is now among country's hottest

Posted at 8:54 AM on October 27, 2009 by Bob Collins (2 Comments)
Filed under: Economy

The hottest real estate market in the country when it comes to the resale value of homes? It's Minneapolis-St. Paul, according to the monthly Case-Schiller Index, which tracks these things. Here's the results for August, which were released this morning (seasonally unadjusted).

City	Increase/Decrease
Minneapolis	3.2%
San Francisco	2.8%
Detroit	1.9%
Chicago	1.7%
Phoenix	1.6%
Los Angeles	1.6%
San Diego	1.6%
Washington	1.4%
Miami	1.1%
Atlanta	1.0%
Denver	1.0%
Boston	0.9%
New York	0.5%
Tampa	0.4%
Portland	0.3%
Dallas	0.2%
Seattle	0.1%
Las Vegas	-0.3%
Cleveland	-0.5%
Charlotte	-4.0%

It's the fourth consecutive month of home value increases in the Twin Cities -- up over 12% over that time. The impressive rebound over the last few months has also pushed the local index into positive territory for the year -- up 1.9%. The index, however, shows the home resale value is still 13% lower than a year ago.

And when it comes to green shoots, when's the last time you saw any economic survey that Detroit near the top of the positivity heap?

Comments (2)

Just say story about homes up for auction in Detroit could not be sold, at $500 min bid.

So how does that add up?

Homes that are sold are higher value, I guess?

Posted by BJ | October 27, 2009 10:53 AM

Sigh. By the time I have enough money to buy something, it won't be enough money.

Posted by mulad | October 30, 2009 10:28 AM

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