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Annie Baxter
St. Paul, Minn.

Twin Cities home prices show 12-month gains

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Twin Cities home prices rose about 11 percent in November compared to the same month last year, according to the closely watched S&P/Case-Shiller Home Price Index.

The Twin Cities' increase lagged the broader, 20-city index, which jumped about 14 percent over the year.

"Home prices continue to rise despite last May's jump in mortgage interest rates," said David Blitzer, chair of the index committee at S&P Dow Jones Indices.

The pace of price growth is slowing in many major metro markets, but housing will continue to boost the economy in 2014, he added.

The Case-Shiller index comes out two months later than local real estate reports and uses a different method to determine price gains. However, it largely reveals similar price trends.