Twin Cities home prices up for 2nd month
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The Twin Cities housing market in March posted its second consecutive month of price gains on an annual basis, according to the latest Standard & Poor's Case-Shiller Home Price Index.
Twin Cities home prices climbed about 3 percent compared to March of 2011. That's in sharp contrast to the Case-Shiller 20-city index, which dropped nearly 3 percent over the same period and hit a new low since the housing crisis began in mid-2006.
Despite the overall decline in the broader index, there are some encouraging signs, according to S&P economist David Blitzer. He notes that the number of cities hitting new price lows has declined.
"Add to that figures we've seen from other parts of housing -- housing starts, existing home sales, new home sales -- the housing situation in the United States, while certainly not booming, is seeing some stability and possibly some gains going forward," Blitzer said.
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The Twin Cities was one of seven markets where prices increased over the year ending in March.
Prices increased in Tampa and Miami -- two of the hardest hit markets. Las Vegas -- the nation's worst market -- so no change in prices.
Prices dropped sharply in Detroit, Chicago and Atlanta.
On a monthly basis, housing prices in the Twin Cities showed mixed signs from February to March: they were down about 1 percent on a non-seasonally adjusted basis, but up about 1 percent on a seasonally adjusted basis.
Year-over-year price changes are generally regarded as a more reliable indicator.
(The Associated Press contributed to this report.)