CoreLogic said that house prices across the country during September rose to six-year highs, rising 5 percent compared with last year. The Twin Cities metro exceeded that gain. House prices, including distressed sales, rose 6.6 percent compared with last year. From August to September prices were up .9 percent compared with a .3 percent national decline.
The report is one of several that supports the belief that house price declines that endured for years have ended and that prices have stablized, or increased in some areas. Foreclosures and short sales continue to be a drag on prices, but with foreclosure rates falling slightly, that's becoming less of an issue. When you exclude those distressed sales, annual prise gains stood at 7.3 percent and 1.5 percent from August to September.
Economist say that the Twin Cities metro has fared better than average because the unemployement is slightly lower than the national average. Here's a link to our nation story. On Monday JustListed will October sales data for the Twin Cities metro from the Minneapolis Area Association of Realtors. Stay tuned.