Home prices in the Twin Cities metro were flat from October to November, but increased 10.5 percent compared with last year. That's according to the latest S&P Case-Shiller Home Price Index, which has tracked repeat sales of the same property since 2000.
A 10-city and 20-city composites showed 13.8 percent and 13.7 percent year-over-year gains, but from October to November, both composites declined 0.1 percent - the first decrease since November 2012.
Nine out of 20 cities tracked by the report posted positive monthly returns, most of them in the Sun Belt where high foreclosure rates caused prices to fall particularly hard. Investors have pounced on heavily discounted properties in those markets cause prices to post unusually large gains.
On on a month-to-month basis, prices in Minneapolis and San Diego were flat, and after declining last month, Dallas set a new index high. Denver is 0.6 percent off of its highest level due to two consecutive months of declines.
Here's what David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, had to say about the report: "November was a good month for home prices. Despite the slight decline, the 10-City and 20-City Composites showed their best November performance since 2005. Prices typically weaken as we move closer to the winter....Combined with low inflation -- 1.5% in 2013 – home owners are enjoying real appreciation and rising equity values. While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year."
