Why doesn't composer update update files?

Question

Composer

There is a local git repository.
I have a project where I want to use it.
in composer,json of the project:

"repositories": [
        {
            "type":"package",
            "package":{
                "name":"api",
                "version":"0.1.0",
                "source":{
                    "type":"git",
                    "url":"/var/www/modules/api",
                    "reference":"master"
                }
            }
        }
    ],
    "require": {
        "api": "*"
    }

I do composer install - everything is fine.
In the repository, I make changes, add git tag "0.1.1"
In composer.json, I change the version to 0.1.1 , I
execute composer update

Loading composer repositories with package information
Updating dependencies (including require-dev)
Package operations: 0 installs, 1 update, 0 removals
  - Updating api (0.1.0 => 0.1.1) Checking out master
Writing lock file
Generating autoload files

But the changes from the repository were not pulled up.
What am I doing wrong?