MINNEAPOLIS (WCCO) — Home prices are dropping in the nation’s largest cities and are expected to fall through next year as fewer people buy homes and millions of foreclosures come on the market.
The Standard and Poors/Case-Shiller 20-city home price index released Tuesday fell 1.3 percent in October from September.
In Minneapolis and St. Paul, prices were down 1.9 percent from September and 2.8 percent from a year ago.
Christopher Galler is CEO of Minnesota Association of REALTORS.
“Well, in the Twin Cities we are still better off than other cities. We are still stabilizing as we find a bottom point,” he said. “One of the things important about the median price is that it shows a mid point for sales activity in a given month. And when the median sales price falls it shows there is more lower-priced inventory selling than higher priced.”
NewsRadio 830 WCCO’s Susie Jones Reports
He said prices in November are typically lower than they are in other months.