Thud

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.

Detroit -4.50%
San Francisco -4.20%
Minneapolis -3.40%
Tampa -3.40%
Phoenix -3.30%
Miami -3%
San Diego -3%
Las Vegas -2.70%
Washington -2.70%
Los Angeles -2.60%
Atlanta -2.40%
Portland -1.90%
Charlotte -1.80%
Chicago -1.60%
Denver -1.50%
Seattle -1.40%
Boston -1.10%
Dallas -1.10%
Cleveland -1%
New York -0.90%

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.

  • Young Vo

    All cities around nation are experiencing the biggest housing values drop. Maybe people don’t know how to invest in real estate,why don’t you come to Sauk centre of Minnesota ? Where the County’s treasurer just congratulated me with the assessment for my property valued at almost 20 % for my 2009 property tax rate,that’s compared with 12 % on 2008 ! Either you are looser or the county civil servants are so ignorant,they can’t even understand English on MPR broadcasting everyday about the housing market in US. and i can’t have any say on the amount since they say on the letter that informs you the assessment was done in spring of 08,now your appeal will be too late.