Case-Shiller Index: Minneapolis Home Prices Decline 11.7% Year over Year – Now at 2000 Price Levels

July 27, 2011 By 6 Comments

The S&P Case-Shiller Home Price Index was released yesterday with home price data through May 2011.  The headline story is that prices have started to show some improvement two months consecutively but if you look at the year over year data, the trend is still down.  (I would think we’d certainly see prices improve in April and May as that’s the spring market when buying activity is at its highest.  It will be interesting to see if this price trend can hold).

As for the Minneapolis area, the housing data continues to print very ugly numbers.  All of a sudden we are consistently the leader in price declines…not Detroit, Phoenix or Vegas – but Minneapolis.

For those who want to dig in to the data tables, click here and view the Home Price Tiered Index link which will allow you to download an Excel file – find the Minneapolis tab and notice that we have a seasonally adjusteded index score of 111 and a not seasonally adjust number of 108…both of those take us back to late 2000.  As an active agent in the Twin Cities metro, I would say that’s not far off from the facts I see every day.  Many home sellers continue to be shocked by the price declines in part because their property taxes don’t yet accurately reflect the true value of their home.

Below are the graphs from the latest Case-Shiller Index.  Click on any image to enlarge.

Case-Shiller Index Chart of Annual Returns through May 2011

Case-Shiller Index through May 2011 - Prices back to 2003 levels

Case-Shiller Index Price Chart - Year over Year Price Changes through May 2011

Case-Shiller Index through May 2011 - March April Price Changes

For more excellent coverage of the latest from Case-Shiller, check out this post from Calculated Risk.  Jim Buchta from the Star Tribune also has his blog post on Case-Shiller Minneapolis Home Prices.

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