Home prices in the Twin Cities metro posted a 2.2 percent annual gain during January, according to the latest S&P/Case-Shiller U.S. National Home Price Index, which tracks repeat sales of the same property. Nationwide, price gains were more robust. A 10-city composite showed prices rising 4.4 percent year-over-year and 4.3 percent from December. Denver and Miami reported the highest year-over-year gains, rising 8.4 and 8.3 percent, respectively.
Typically, price gains in the Twin Cities slow during the winter. We'll have the latest data on the local market next Thursday when the Minneapolis Area Association of Realtors (MAAR) releases its March home sales report, which tracks the median price of all sales during the month. The group's weekly report shows unseasonably strong buying and selling activity.
Here's a snapshot of what happened for the week ending March 21:
- New Listings increased 22.1% to 1,821
- Pending Sales increased 27.1% to 1,252
- Inventory increased 1.7% to 13,869