Twin Cities home prices see November drop
Twin Cities home prices dropped again in November, according to the Standard & Poor's/Case-Shiller home price index.
The decline was greater than the index tracking prices in 20 metro areas.
Twin Cities home prices fell about 2 percent from October to November. The only city that did not see price declines in November was San Diego.
Chair of the index committee David Blitzer said a double dip in home prices could be visible by spring, with the 10- and 20-city composites posting new lows. Eight cities have already hit new lows.
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.
"The usual bounce from housing isn't there," Blitzer said. "That's one reason why the economy remains weak. That's why even though we're starting to see improvement, it's still not together."
However, Blitzer said it's unlikely that Twin Cities home prices, which are currently 9.4 percent above the last low point, would plunge below that trough.
"That strikes me as a pretty substantial drop to suddenly experience in the short term," said Blitzer.
Home prices in the Twin Cities had strengthened somewhat last year before starting to decline again in the summer.
