Housing report indicates Twin Cities home prices on riseby Martin Moylan, Minnesota Public Radio
ST. PAUL, Minn. — A leading housing index indicates homes prices continue to improve in the Twin Cities.
New numbers from the Standard & Poor's/Case Shiller Home Price Index show the Twin Cities housing market has seen progressively larger year-over-year increases.
Greater price gains are seen in the period from February to June, said S&P's Maureen Maitland.
"In the Twin Cities, what we're seeing — and we're seeing this across a lot of the nation right now — is that the spring was generally a very good season for home prices," Maitland said.
A composite index of 20 large markets showed prices were up five-tenths of a percent in June, compared with the same month a year ago. Fourteen of the 20 markets saw annual price increases, with declines in the other six. The index tracks the value of typical single-family homes.
"They're now up 5.7 percent versus where they were a year ago. June 2012, home prices are almost 6 percent higher than they were June 2011," Maitland said. "That's a very good story for Minneapolis. That's above the national average, showing that Minneapolis may be turning around."