Home Values Hold Up In Rapid City And South Dakota

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Home Values Hold Up In Rapid City And South Dakota

By Associated Press

Story Created: Dec 1, 2008 at 8:35 AM CST

Story Updated: Dec 1, 2008 at 8:35 AM CST

Home prices may have dropped over the past year across the nation, but not in Rapid City or South Dakota.

Federal data show that home prices climbed 5.4 percent in South Dakota's second-largest city, for the third largest increase in the country.

The states with the largest price jumps between the third quarters of 2007 and 2008 were North Dakota, at 4 percent; South Dakota, at 3.9 percent; and Texas, at 3.2 percent.

Nationwide, home prices dropped 4 percent in the past 12 months, according to the Federal Housing Finance Agency.

That is the sharpest drop in home values over four quarters in the housing index's 33-year history.

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