Twin Cities Home Prices Continue to Rise

Twin Cities-area home prices took another big jump in July, the second-consecutive month the metro area was among the nation’s leaders in price increases.

Prices in the Twin Cities rose 6.4 percent in July when compared to the same month a year earlier, according to the Case-Shiller Home Price Index of 20 metro markets by Standard & Poors.

That was the second-largest increase in the nation, with Phoenix leading the way with a 16.6 percent increase.

The story was similar in June, when Phoenix led the way with a 13.9 percent increase and the Twin Cities was second at 5.7 percent.

Nationally, prices rose 1.2 percent in July.

“The news on home prices in this report confirm recent good news about housing, David Blitzer, chairman of S&P’s index committee, said in a news release. “Single family housing starts are well ahead of last ear’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing.”

Source: Minneapolis St. Paul Business Journal