Bob CollinsThe longest consecutive monthly period of rising home resale values in the Minneapolis area since 2005 has ended.
The Case Shiller Index released today shows the resale value of homes in the area dropped .7% from September to October. That stops a six-month streak of increasing values; that’s the longest since 2005, when prices increased every month for almost four years.
Here’s how the area stacks up with other regions:
| City |
1 Month Change
|
| Las Vegas |
2.8%
|
| Phoenix |
1.4%
|
| San Diego |
1.3%
|
| Portland |
0.9%
|
| San Francisco |
0.7%
|
| Los Angeles |
0.6%
|
| Detroit |
0.3%
|
| Denver |
0.0%
|
| Miami |
-0.2%
|
| Seattle |
-0.2%
|
| Atlanta |
-0.4%
|
| New York |
-0.4%
|
| Charlotte |
-0.5%
|
| Tampa |
-0.5%
|
| Washington |
-0.5%
|
| Cleveland |
-0.6%
|
| Dallas |
-0.7%
|
| Minneapolis |
-0.7%
|
| Boston |
-1.4%
|
| Chicago |
-1.5%
|
Year-over-year, however, Minneapolis had a healthy year of home values, certainly much better than most other northern cities.
| City |
Yearly change
|
| Phoenix |
21.7%
|
| Detroit |
10.0%
|
| Minneapolis |
9.2%
|
| San Francisco |
8.9%
|
| Miami |
8.5%
|
| Las Vegas |
8.4%
|
| Denver |
6.9%
|
| Los Angeles |
6.2%
|
| San Diego |
6.0%
|
| Tampa |
5.9%
|
| Seattle |
5.7%
|
| Portland |
5.2%
|
| Atlanta |
4.9%
|
| Dallas |
4.6%
|
| Washington |
4.4%
|
| Charlotte |
4.1%
|
| Cleveland |
1.8%
|
| Boston |
1.6%
|
| New York |
1.2%
|
| Chicago |
-1.3%
|
Since the peak of the housing market in 2006, however, home resale prices in the Minneapolis area have dropped 27 percent. They’re up 18 percent since the bottom of the housing market in 2011.
