April 2012 Case Shiller Index was released today from Standard & Poors. The Minneapolis market posted about a 1% drop from January to February. This index has a lag time involved, so the data for April is actually February’s figures.
Given the lag time here, this is not an accurate index for current market conditions but a great source for tracking historical trends. Given the nature of the current marketplace with low inventory and multiple offer situations – we will begin to see the Case Shiller index numbers track upwards in the coming months for Minneapolis.
It is remarkable that we are not that far off from October 2000’s index for Minneapolis.
- Minneapolis Posts 5% Year over Year Decline in Home Prices – Case-Shiller Index Through November 2011 (johnmurphyreports.com)
- Comments on Housing and “Distressing Gap” Graph (calculatedriskblog.com)
- Case Shiller Index: Minneapolis / St Paul MN, March 27, 2012 release (craigkamman.com)
- Real House Prices and Price-to-Rent Ratio at late ’90s Levels (calculatedriskblog.com)