Minneapolis Home Prices Rise 10.2% In December
MINNEAPOLIS (WCCO/AP) -- U.S. home prices surged at the fastest pace in nearly seven years in December, fueled by low mortgage rates and Americans moving from urban apartments to houses in the suburbs. Minneapolis, Minnesota was no exception.
The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, climbed 10.1% in December from a year earlier. The year-end jump was the biggest since April 2014 and follows a strong 9.2% year-over-year gain in November.
Home prices climbed 14.4% in Phoenix, 13.6% in Seattle and 13% in Seattle.
Meanwhile, Minneapolis saw a 10.2% jump in December, just slightly over the index average.
Prices were rising all over. Chicago, which recorded the slowest price gain, saw a 7.7% uptick.
Detroit was not included in the annual figures because of record-keeping delays caused by the coronavirus pandemic.
(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
