Home prices in the Twin Cities and beyond continue to rise, but at a much slower pace. The latest S&P/Case-Shiller 20-city composite home price index showed home prices during November fell 0.1 percent from the previous month, but rose 4.7 percent compared with last year.
Case-Shiller: Twin Cities home prices up only slightly during November
US home prices during November increased 4.7 percent from a year ago, slightly off from October's year-over-year pace.
January 27, 2015 at 5:42PM
Prices in the Twin Cities metro fell 0.7 percent from October to November, but were up just 1.5 percent from November 2013 to November 2014.
This natonal report paints a more dour picture of house prices than the local report, which has shown annual median prices increases of 5 to 8 percent depending on the month. The discrepancy is all about statistics. Case-Shiller is an indexed, three-month average that compares repeat sales of the same house. The local report is a median based on all sales that happened during the month.
There was better news today about new home sales. A national report showed that new home sales in December rose to the highest level in more than six years, increasing nearly 12 percent from November to December. Here's a link to that report from the U.S. Census Bureau.
There were no optimal outcomes. But there was also a lot of good work, and change that made sense.
