A leading housing index indicates Twin Cities home prices continued to improve in July.
New numbers from the Standard & Poor's/Case-Shiller Home Price Index show the Twin Cities market has seen progressively larger year-over-year increases in home prices from February to July.
S&P's Maureen Maitland said in July, Twin Cities home prices were up nearly 6.4 percent on average from the same month last year. On a month to month basis, prices have been rising since April.
But Maitland said it's far too early to conclude the housing market is really on its way back.
"Four months during the spring just is not enough time to say we're in a true housing recovery, particularly since we just came off five years of a very anemic housing market," Maitland said.
According to the index, the current average Twin Cities home price is about where it was two years ago — about 28 percent below the peak in 2006.