Standard & Poors has released the August 08 print of the Case-Schiller Home Price Index. We pulled the graphic above to highlight what's happening in Minneapolis/St. Paul.
Click the graphic to make it bigger, or take our word that the average home price in the Twin Cities for August 2008 was 13.8% lower than August 2007.
Though prices continue to slip, Teresa Boardman points out that (unlike last year) the market is slowly moving in the right direction – toward price stability:
Teresa elaborates on the chart above:
"As the lines get closer to each other the supply of homes and the demand will be more balanced and theoretically home prices will stabilize. Last year the number of homes on the market went way up. Supply and demand were out of balance because while listings were going up, sales were going down. This year the inventory has been slowly decreasing all year."