Charted: Housing prices in the Twin Cities metro
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Inflation in the Twin Cities continues to be cooler than typical U.S. metro areas thanks in large part to housing prices.
Driving the news: New Consumer Price Index data released Tuesday shows inflation in November was 2.8% year-over-year in the Twin Cities compared to 3.1% nationwide.
Zoom in: While many U.S. cities were seeing housing prices rise by 8% or more in 2022, Twin Cities prices increased much slower than that.
Why it matters: Housing is the biggest expense for most families and the relative stability of prices here has been a big reason that inflation has cooled faster in the Twin Cities than anywhere else in the country.
Between the lines: Booming housing construction for several years has beefed up the supply and prevented the big price jumps that other cities experienced.
Yes, but: As you can see from the chart, local housing prices — which include rental and owner-occupied homes — are starting to creep up faster, though still not as high as the rest of the country.
- With rising interest rates, metro housing construction began slowing this year.