House prices in the Twin Cities metro during March were down slightly compared with the previous month, but were up 3.3 percent compared with last year, according to the latest Case-Shiller housing price index. The year-to-year increase was one of the largest in the nation. Of the 20 cities tracked by the group, 13 cities posted annual decines - other gainers inclued Phoenix, Denver, Miami, Detroit, Dallas and Charlotte. From February to March the 20-city composite was flat, but prices were down 2.6 percent compared with last year.
When seasonally adjusted, the national composite was slightly more favorable, but in the Twin Cities the annual gains were slightly less - a reflection of the strong seasonal nature of this market, which tends to be stronger in the spring, slower in the winter.
The Case-Shiller report is a closely watched indicator because it tracks the prices of repeat sales of the same house. Check back with JustListed later in the day for more details, in the meantime here's a link to the full report: www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/