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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?