ROCHESTER (KTTC-TV) -- Home price values in Rochester were up 1.15% in June from a year earlier, a new sign that the economy here is strong. It was the second straight month that home values were on the upswing in Rochester, and it came while home prices across the nation fell 7.8% year-to-year.
The data is being reported by financial analysis firm First American CoreLogic.
The company says home prices were down in Minnesota by an average of 10.14% in June. Although there's not much to smile about in that number, at least it is far less drastic than the home price depreciation posted in June for Nevada (25.4%), Florida (25.1%) or even California (17%).
Economists with First American CoreLogic say that in most parts of the country, fewer distressed home sales were responsible for an improvement in the home price depreciation from earlier months. A recovery in home values might be underway in some metro area, like Rochester's. But the positive sign comes with a word of caution.
"Year-over-year and seasonal home price trends continued to move in positive directions in June," said Mark Fleming, chief economist for First American CoreLogic. "However, the economy continues to contract and there is a large overhang of distressed properties that have yet to clear. Until supply and demand imbalances adjust to more normal levels, future home price movements will remain sluggish."