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Annie Baxter
St. Paul, Minn.

Case-Schiller: Twin Cities home prices up 9%

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Case-Schiller
This chart compares Minneapolis the 20-city index over the last 25 years.
Courtesy S&P/Case-Shiller Index

The Twin Cities metro area posted home price gains of about 9 percent over the year ending in January.

That's according to the latest S&P/Case-Shiller Home Price Index, a well-watched barometer of housing values.

The broader index of 20 major metro areas logged a sharper increase of 13 percent over the same period.

A dozen or so cities lost ground on prices from December to January. Officials at S&P Dow Jones say cold weather could have played a role.

The big price spikes in home prices seen last year probably won't continue this year, which is for the better, said David Blitzer, chair of the Index Committee at S&P Dow Jones Indices.

"It really means housing has had the boom the bust and now the rebound is probably slowly but surely settling into something to be called 'more normal,'" Blitzer said.

The S&P/Case-Shiller Index lags local home price reports by two months and uses a different approach to calculate price changes.