House values in the Twin Cites metro posted a healthy 5 percent gain during May, according to the latest S&P CoreLogic Case- Shiller Indices. Values in the Twin Cities have been rising at almost exactly the same rate as the national average, according to the report, which tracks repeat sales of the same property. That's in contrast to reports like the one from the Minneapolis Area Association of Realtors (MAAR), which tracks the median price of all home sales during the month. Last month, MAAR said that during June the median price of all closings in the metro rose 5.3 percent to a new high of $242,000.
Here are the highlights of the Case-Shiller report:
- The U.S. National Home Price NSA Index also reported a 5.0 percent annual gain in May, the same as the prior month.
- Portland (12.5%), Seattle (10.7%), and Denver (9.5%) reported the highest year-over-year gains among the 20 cities over each of the last four months.
- Eight cities reported greater price increases in the year ending May 2016 versus the year ending April 2016.
- After adjusting for seasonality, 12 cities saw prices rise, two cities were unchanged, and six cities experienced negative monthly prices changes.
Analysis of the numbers from David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices: "Home prices continue to appreciate across the country. Overall, housing is doing quite well. In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains. The SCE Housing Expectations Survey published by the New York Federal Reserve Bank shows that consumers expect home prices to continue rising, though at a somewhat slower pace."
