Mixed signals from Twin Cities home prices in Juneby Annie Baxter, Minnesota Public Radio
St. Paul, Minn. — The Twin Cities home prices rose in June, but continued to fall from a year ago according to the Standard & Poor's Case-Shiller home price index.
Twin Cities home prices in June dropped 11 percent from the same month last year. That was the steepest annual decline in the latest Case-Shiller 20-city index. Home prices in the area enjoyed a better monthly performance, rising 3 percent between May and June. But when adjusted for seasonal factors, the increase was a much more modest half-percent.
David Blitzer, chair of the S&P index committee, said it's tricky to assess the overall picture in Twin Cities home prices, especially with the low point coming as recently as March, much later than some other markets.
"Something like Washington, where the low was set two years before, or Los Angeles where it was set in May 2009, and where they're a bit farther above their lows, it's a little more encouraging," he said.
Blitzer noted that Twin Cities home prices are also more volatile than other cities because it's a smaller market. Home prices in all the cities in the index saw an annual decline in June.