National, Local Home Prices Fall in November
Nearly all of the nation's 20 major metropolitan areas saw home prices fall in November, including the Twin Cities, according to the Standard & Poor's-Case/Shiller Home Price Index released Tuesday.
November home prices in the Twin Cities declined 2.1 percent from October to November, more substantially than the September to October decrease of 1.9 percent. Metro-area home prices in November were down 4.4 percent from the same time the previous year.
The index, which lags two months, uses a base value of 100 from January 2000 to measure home-appreciation value since that time.
The Twin Cities' November index is 118.8-which means that area home prices have appreciated 18.8 percent since January 2000.
Nationally, home prices for the 20 metro areas measured fell 1 percent from October. In addition, only four of the 20 metro areas-Los Angeles, San Diego, San Francisco, and Washington, D.C.-saw year-over-year gains in November. Thirteen of the 20 metro areas were down by 1 percent or more in November, with Detroit posting the largest decline of 2.7 percent.
Only one city-San Diego-posted an increase in home prices, which jumped 0.1 percent since October.
Standard & Poor's is a global provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research, and data.
The home price indices are released monthly and constructed to track the prices of typical single-family homes located in 20 major metropolitan areas throughout the country. The indices are produced by Fiserv, Inc., and do not include actual selling prices.