Twin Cities posts 9th highest home price gains in the nation last year
- Blog Post by: Jim Buchta
- February 4, 2014 - 8:42 AM
Annual home prices nationwide, including distressed sales, increased 11 percent in December 2013 compared to December 2012, according to a year-end report from CoreLogic. That was the 22nd consecutive monthly year-over-year increase in home prices, though on a month-to-month basis, U.S. home prices fell slightly, decling 0.1 percent from November to December 2013.
Mark Fleming, chief economist for CoreLogic, which uses recent sale data for its monthly Home Price Index (HPI), said the the 11-percent annual increase was the highest rate since 2005 and that 10 states and the District of Columbia reached new all-time price peak.
"We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014."
In the Twin Cities metro, the December index for single-family houses, including foreclosures and short sales, was up 7.5 percent compared with last year. That was slightly lower than the national average, but the the 9th-biggest gain in the nation. On a month-over-month basis, home prices declined 1.4 percent in December.
the report follows an end-of-year report from the Minneapolis Area Association of Realtors (MAAR), which showed the median price of home sales, including all property types, increased 14.4 percent to $192,000, a five-year high. As I reported on Sunday, prices, are now 16.5 percent below the 2006 peak and 28 percent above the 2011 low, according to MAAR,. Nationally, CoreLogic's HPI was still 18 percent below the 2006 high.
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