Back to the Future - Minneapolis Prices Back to 2000 Levels

Twin Cities Leads the Nations Top 20 Metropolitan Regions in Price Decline Over Last 12 Months

By: Stephen J. Nash
Nash Law Firm
nash@nash-law.com

Tweet 

The latest S&P/Case-Schiller Home Price Index is out and Minneapolis is Number 1!  That is they lead the 20 metropolitan regions measured in price decline from March 2010 to March 2011 with another 10% decline!  The next closest are Phoenix (8.4%), Chicago (7.6%), Portland (7.6%) and Seattle (7.5%).

The high price index in the Minneapolis region hit 170.97 in June of 2006.  The current index of 105.57 represents a 38% drop in value from the top of the market.  The Minneapolis region has now dropped below the previous low of 108.62 in April of 2009.  The bump up from the housing tax stimulous apparently was short lived.  

Will the prices continue to decline?  Will the Minneapolis region continue to lead the nation in price declines?  Only time will tell.  With foreclosure continuining to dominate the markets, food and fuel prices rising and continued high unemployment it is hard to see values rising in the near future.

The following charts show the 20 top regions price index for the last year and the Minneapolis price index goping back to March of 1999.         

S&P/Case-Schiller Home Price Index 

March 2010 -March 2011

	2011 Q1 Level	2011 Q1 2010 Q4 Change (%)	2010 Q4 2010 Q3  Change (%)	1-Year Change (%)
U.S. National Index	125.41	-4.20%	-3.60%	-5.10%
Metropolitan Area	March 2011 Level	March/Feb Change (%)	Feb/January Change (%)	1-Year Change (%)
Atlanta	98.36	-1.90%	-0.10%	-5.20%
Boston	147.36	-1.70%	-1.50%	-2.70%
Charlotte	106.96	-2.40%	-1.30%	-6.80%
Chicago	110.57	-2.40%	-2.20%	-7.60%
Cleveland	96.8	-1.80%	-0.70%	-6.30%
Dallas	112.89	-0.08%	-0.20%	-2.50%
Denver	120.55	-0.60%	-1.20%	-3.80%
Detroit	67.07	-2.00%	0.80%	-0.90%
Las Vegas	97.18	-1.10%	-1.00%	-5.30%
Los Angeles	167.77	-0.30%	-1.00%	-1.70%
Miami	137.28	-0.80%	-2.00%	-6.10%
Minneapolis	105.57	-3.70%	-3.30%	-10.00%
New York	163.5	-0.90%	-0.60%	-3.40%
Phoenix	100.27	-0.50%	-0.70%	-8.40%
Portland	132.67	-0.70%	-1.60%	-7.60%
San Diego	153.88	-0.80%	-1.30%	-4.00%
San Francisco	129.82	-0.10%	-2.60%	-5.10%
Seattle	132.97	-0.10%	-1.90%	-7.50%
Tampa	127.08	-0.70%	-0.80%	-6.90%
Washington	182.98	-1.10%	-0.30%	4.30%
Composite-10	151.66	-0.60%	-1.20%	-2.90%
Composite-20	138.16	-0.80%	-1.10%	-3.60%

S&P/Case-Schiller Home Price Minneapolis Index 

March 1999 -March 2011

Date	Price Level
March 1999	90.42
June 2000	105.49
March 2000	100.58
March 2001	115.15
March 2002	126.72
March 2003	138.95
March 2004	150.77
March 2005	161.11
March 2006	168.71
March 2007	165.56
March 2008	142.29
March 2009	109.58
March 2010	117.25
March 2011	105.57