This isn’t the day we notice a turnaround in the housing market.
The Case-Schiller housing index for October was released today. It measures home prices based on what homes sold for the last time they changed hands vs. the most recent transaction.
Housing prices fell by a record 18 percent from October last year, the largest drop since the survey’s inception in 2000. The 10-city index tumbled 19.1 percent, its biggest decline in its 21-year history.
But enough about 10 other cities. What about Minneapolis? It’s not good. The prices fell 3.4% from a year ago. There was only one other time when the drop was this steep — February 2008. It’s the lowest home price benchmark since September 2002.
Measured by one-month declines, we’re more Detroit than New York.
Meanwhile, local expert Teresa Boardman analyzes other local housing market numbers “designed to show the relationship between how many new listings are put on the market each week and how many homes get offers from buyers that are accepted by sellers each week.”
She notes that prices have come down 30% on bank-owned homes, and 2% on non-bank-owned homes that are ready to move.