Twin Cities home prices have finally given real estate agents and homeowners reason to cheer.
For the second consecutive month, home prices in the Twin Cities area have appreciated at the highest rate among 20 major metro areas in the nation, according to the Standard & Poor’s-Case/Shiller Home Price Index released Tuesday.
Metro area home prices rose 3.2 percent in August following a 4.8 percent increase in July.
Home prices in San Francisco—which are roughly 10 percent higher than those in the Twin Cities—rose 2.8 percent in August, representing the second-highest growth rate in the nation.
Twin Cities home prices rose 3.2 percent in June and 1.1 percent in May, but local home prices have declined 13.7 percent since August 2008.
The average home price for the 20–city index rose 1.2 percent and have fallen 11.3 percent from the same time last year.
The index, which lags two months, uses a base value of 100 from January 2000 to measure home-appreciation value.
The Twin Cities’ August index is 122.66—which means that area home prices have appreciated 22.66 percent since January 2000.
Nationally, the home price index is 146 for the 20 metro areas measured.
Home prices in the Twin Cities peaked in September 2006, when the index was 171.12.
