The Home Price Index for Minneapolis has dropped 1.53% from May to June, while the Case Shiller 20 City Home Price Index increased 1.4% from May to June. I happened to be looking at recently updated figures on the St Louis Federal Reserve website.
This sort of goes against everything we have been hearing about the housing market in the Twin Cities. I don’t see this as a cause for concern at this point, the overall trend has been up in the Twin Cities.
It will be interesting to watch this going into the fall. As you can see the Minneapolis Case Shiller Index vs the rest of the nation – the Twin Cities has lead the market, it just doesn’t go to the same heights. Perhaps the 20 City Composite might take a small dip in the next couple months.