In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its
Denver Home Prices Rise Fourth Quickest In The US
According to the recent S&P/Case-Shiller Home Prices Indices report released last week, only three other U.S. large markets have seen bigger jumps in home prices than Denver this year. If you are thinking you just read the same thing last month, it’s because you did. The Mile High City home price came in at #4 last month as well.
Looking at the report data, Denver's seen an 8.6 percent jump in home prices in the past year. Only Seattle (up 13.1 percent), Las Vegas (up 12.7 percent), and San Francisco (up 10.9 percent) have seen bigger jumps than Denver.
Other report highlights include:
Nationally, home prices have increased 6.4 percent over the past year.
Home prices increased 1.2 percent in Denver from March to April; slightly less than the 1.4 percent increase recorded a month earlier.
David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, noted that one factor pushing up prices is the continued low supply of homes for sale.
And he’s right about Denver's low supply of inventory: a recent industry report this month indicated that Denver's tied for the #2 spot in the nation when it comes to lowest months of supply of housing inventory at 1.1 months. This comes in just behind San Francisco's one month supply. To put that into a bit of context, a six month’s supply indicates a market balanced equally between buyers and sellers.
While the market shows no signs of slowing, buyers who know where to look can still find great opportunities. If you’re interested in checking out what Denver has to offer, contact Metrowest – we’d love to show you around!