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May Twin Cities home prices show improvement
Home prices in Minneapolis in May remained far below their year-ago point, according to the most recent The Standard & Poors/Case-Shiller home-price index. But the metro area did see a slight improvement over April. The index, a well-regarded measure of home prices nationally, found that prices of existing single family homes across the United States generally continued to worsen in May 2008. For the second straight month, all 20 metro areas measured posted year-over year declines. The 20-city index showed that home prices fell by a record 16 percent from last year and .9 percent from April. The market hasn’t seen a month of overall price increases since August 2006, according to the measurement of the 10-city and 20-city composites. Las Vegas and Miami posted the largest year-over-year declines with 28.4 percent and 28.3 percent, respectively. Las Vegas had a 2.9 percent decline from April and Miami had a 3.6 percent decline. The index in Minneapolis-St. Paul region was at 140.12 as of May. That’s down 14.8 percent from May 2007, but up 0.6 percent from April. In January 2000, the indices have a base value of 100, so Minneapolis’ index means a 40.12 percent appreciation for the typical home since 2000. The Minneapolis region was only one seven to see an increase in prices from April. Boston, Charlotte, Dallas and Denver had the largest gains from April, all posting a 1 percent increase. Charlotte and Dallas are the only cities with three consecutive months of month-to-month growth. The S&P/Case-Shiller indices are released monthly, tracking the value of typical single-family housing in 20 major metro areas, but doesn’t report actual selling prices. The indices are produced by Fiserv Inc. http://www.bizjournals.com/twincities/stories/2008/07/28/daily15.html |
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