Twin Cities home prices gain, but more slowlyby Annie Baxter, Minnesota Public Radio
ST. PAUL, Minn. — The latest report from S&P/Case-Shiller suggests home prices continued to rise in July. But price gains in the Twin Cities are tapering.
Twin Cities home prices rose about 10 percent over the year ending in July. That's a slower growth rate than in previous months.
The region's gains also lagged the 12 percent growth in the broader 20-city index over the same period, said Herb Tousley, a University of St. Thomas real estate professor.
"In July, the median sales price of a traditional home, non-distressed, actually went down a bit," Tousley said. "But some of the distressed prices were still coming up. So we went up, but not quite at the same rate that some of the other cities are."
The well known home price index shows Twin Cities values remain more than 20 percent below their peak in 2006.
David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said several cities are experiencing slower gains each month, suggesting that the rate of increase may have peaked.