The Twin Cities saw a fairly dramatic drop in prices from September to October according to the just released Case-Shiller Index. The monthly decline was -3.4% and was one of the biggest drops amongst the 20 cities studied. The overall index shows house prices off 16.3% compared to a year ago.
Note this does not account for various micro markets in the Twin Cities that include specific cities/suburbs as well as neighborhoods. Clearly there are some areas doing better than others. Just click around on the Minneapolis Area Association of Realtors reports (The 100).
Below is a graphical look at the latest results. Click on any graph to enlarge in a new window.
Twin Cities has dropped to new lows on price declines according to the Case-Shiller Index – October 2008 data.
Below is a graphical display of the 10 and 20 city composite indexes.
Below is the data table for all 20 cities studied. It shows the Oct./Sept. percentage price changes as well as the Sept./Aug. and one year changes. (Click to enlarge)
Perhaps I’m still a little too optimistic, but I do think we’ll start to see some better comparables come spring…that doesn’t mean prices will be improving, but rather that they will begin to stablize.