The much-anticipated Case-Shiller Home Price Index was released this morning. Both Composite 10 and Minneapolis show signs of improvement.
Below is a list of the Metro areas including Minneapolis. Minneapolis saw a 2.6% increase for July/June and 3.5% increase for June/May. However we are still showing a -9.1% 1 Year Change in home values. Minneapolis has led the largest price declines this year, but now we are showing strong increase. This may support my theory that we have been purging our distressed inventory quicker than the national average and may set the stage for a quicker recovery for our market.
The Composite 10 Metro areas show only a -3.7% 1-Year Change, and only 0.9% increase for July/June and a 1.1% increase for June/May.
The table below summarizes the results for July 2011. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 24 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com
- Case-Shiller Index: Seasonal Improvement, Minneapolis Declined by 9.1% Year over Year (johnmurphyreports.com)
- Case Shiller Index: Twin Cities map comparison to the nation. (craigkamman.wordpress.com)
- Home prices climb for fourth straight month (money.cnn.com)