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Twin Cities' housing market fares well in report

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A closely-followed index of home prices showed improvements in the Twin Cities between May and June.   

The Standard & Poor's/Case-Shiller National Home Price Index, which tracks 20 cities, bumped up 1.4 percent between May and June.

The index showed Twin Cities' home prices rose 3.1 percent in that period. 

Despite the monthly uptick, all the metro areas in the index posted annual declines. Twin Cities prices were down about 20 percent between June 2008 and June 2009.

The Case-Shiller index's home price calculation methods are different from those used by Twin Cities realtor associations. The index compares the sales prices of homes sold in a given month with the homes' previous sales prices.