S&P: Twin Cities home prices post first year-over-year gain since August 2010

Twin Cities home prices notched an over-the-year increase in February for the first time in about a year and a half. Prices rose .4 percent, according to Standard & Poor’s/Case-Schiller National Home Price Index.

S&P’s Maureen Maitland says only five metro areas in the 20-city index, including the Twin Cities, inched into positive territory on an annual basis.

In general if you look at the nation, home prices are still bottoming out. Some markets are hitting new lows. So it’s a good sign for Minneapolis.

Maitland says the Twin Cities month-to-month performance between January and February wasn’t quite as positive. But she says the monthly number is less meaningful than the year-over-year price comparison.

The 20-city index was down both on a monthly and annual basis. However, the pace of annual decline slowed in February. February’s 3.5 percent drop over the past year the smallest 12-month decline in a year.

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