House prices in the Twin Cities metro area during December were 7.6 percent higher than they were during the previous year. That's according to CoreLogic, which said that across the country prices were up 8.3 percent - the biggest increase since May 2006 and the 10th consecutive monthly increase in prices. This is latest report showing upward pressure on house prices, though there are considerable variations among the many monthly reports.
Earlier this month, for example, the Minneapolis Area Association of Realtors said that the median price of all sales during the month was up 16 percent. The discrepancy between the two reports is largely a function of the data that's used. MAAR looks at the median price of all sales during the month, and as of late there's been a sizable increase in the number of high-buck sales, which has caused a heavy statistical increas. CoreLogic uses public records, including county sales records, to track house values. Here's a link to the full report.
