Another month has come and gone and the news remains about the same…home prices continue to decline on a year over year basis as the Case-Shiller 10 City and 20 City composites showed declines of 3.1% and 3.4% respectively year over year through October. Minneapolis continues to print an ugly number down 8.4% year over year. The good news, in my opinion only, is given the rather significant decline we’ve seen in Minneapolis over the past year in this index, by the spring and summer of 2012, we should start to see some more positive growth numbers.
The graphs below are from S&P/Case-Shiller release that was published on Tuesday this week.
Year over year home price percentage increase or decrease graphed by month.
(Click on images to enlarge)
Case-Shiller home price index by year:
20-City Composite broken down by individual cities. Atlanta and Las Vegas lead the declines with Minneapolis coming in a close third place.
Despite the continuing negative news on home prices there are signs that the Minneapolis area is turning the corner. We continue to see very strong pending home sales activity, up 10%. New construction, while way down, is also improving and the number of homes for sale is now at a multi-year low with housing inventory down over 25%. View the latest Housing Supply Overview report from the Minneapolis Association of Realtors.
Related articles
- Survey: Mpls home prices among nation’s biggest monthly declines (ctebockhorst.wordpress.com)
- A Look at Case-Shiller by Metro Area (blogs.wsj.com)
- Case Shiller Index, Minneapolis / St Paul market overcorrecting? (craigkamman.com)
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