YOY Increase: 12%
When it comes to month-over-month numbers, Minneapolis’ home prices have been moving in the wrong direction. From December to January, they fell 0.5%, then followed that up with a 0.9% fall from January to February.
Still, its “falling” prices are significantly higher than they were a year ago. In January, Minneapolis enjoyed a 12.1% year-over-year improvement, while February’s gain was right in the same ballpark.
One factor in that increase is that fewer of the homes being sold are distressed properties. According to a real estate agent in the area, “We are seeing the foreclosure market decreasing. Foreclosure sales are down, as are new foreclosure listings, while traditional sales are increasing.”
Another catalyst for the rising prices: a low inventory of homes for sale.