House prices in the Twin Cities and nearly every major metro in the country increased at a much more moderate pace during June, according to the latest S&P/Case-Shiller Home Price Indices.
In the Twin Cities metro, prices were up 6.7 percent compared with last year and just 0.6 percent compared with the previous month. On a seasonally adjusted basis, prices were down 2.3 percent from May to June.
A composite index of 20 metropolitan areas shows that from May to June prices increased 1 percent, but declined 0.2 percent on a seasonally adjusted basis. That index was up 8.1 percent compared with last year, but just 6.7 percent across the U.S.
It was the first time since February 2008 that all cities showed lower annual increases than the previous month, but the numbers were in line with expectations. Analysts say that more moderate price gains are a positive influence for the market because of the diminishing risk of a price bubble.
The closely watched report uses public records to track prices of single-family homes by comparing thousands of repeat sales of the same houses in each region.