By Jim Buctha

Home prices in the Twin Cities posted a record gain in April, outpacing the recovery in most parts of the nation and revealing the strength of the local economy.

Values in the metro area jumped 14.8 percent over last year, according to the closely watched Standard & Poor’s Case-Shiller home price index. The 13-county region was one of four major U.S. metro areas to post record gains during the month. Nationally, home prices were up 12 percent.

“Prior to 2012, things weren’t good in the Twin Cities,” said David Blitzer, chairman of S&P’s index committee.

“Recent price gains have definitely been superior.”

A key turning point for the Twin Cities is the vast decline in the number of distressed sales. During 2011, the Twin Cities area was flooded with foreclosures, which put pressure on prices because repossessed homes usually sell for a fraction of a traditional property.

Now that the economy is recovering, homeowners are more willing to test the market and are increasingly getting the asking prices for their homes. That, combined with an overall shortage of homes, is driving up values in many neighborhoods.

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Twin Cities Home Prices Post Record Gain