The latest Case-Shiller Home Price Index was released today and it seems to be a bit of a mixed bag of results for many cities. However, in Minneapolis, home prices declined by 1.8% year over year. Data was reported for the month of January 2012. I have been saying for some time that as we started to move in to 2012 that the Minneapolis area would start to print much better numbers in the Case-Shiller Index. It wasn’t that long ago and we were leading the nation for several months with the largest percentage of year over year declines. That now appears to be behind us.
Overall for the 10 and 20 city composites, home prices declined year over year by 3.9% and 3.8% respectively. Most housing analysts and the economists I read have generally been predicting that we’d see about another 5-6% decline in home prices this year. Based upon activity I’m seeing in some markets, we may do better than that.
Atlanta now has the distinct honor of being the worst performing market in the county with home prices down by 14.8% year over year according to this report.
Detroit gets the honor of being the best performing market with home prices up…yes, up, 1.7% year over year. I know that doesn’t sound like a lot, but that’s great news for the Detroit area which has extremely difficult the past several years.
Below is a table showing the scores for the 20 cities studied by the Case-Shiller Index.
(Click on Image to Enlarge)
- Case Shiller: House Prices fall to new post-bubble lows in January (calculatedriskblog.com)
- Case-Shiller Index: Minneapolis Home Prices Decline by 4.9% Year over Year through December 2011 (johnmurphyreports.com)
- Case Shiller Index Minneapolis / St Paul – for data ending Dec 31 2012 (craigkamman.com)
- UNEXPECTEDLY: Case-Shiller home price index falls. “Home prices in the U.S. fell for the fifth mon… (pjmedia.com)