The housing market doesn’t show any signs of cooling in the Mile High City as, to the dismay of many buyers, we set two records last month: record-high home prices and record low average days on
Denver 3 For Home Price Gains Among Big Cities
According to the latest S&P/Case-Shiller Home Prices Indices report, Denver has made its way to the number 3 spot among 20 big U.S. cities for year-over year home-resale price gains.
The report also indicated the Denver area saw an increase in sales prices of 7.9 percent in May from a year earlier. That’s actually down from year-over-year gains of 8.2 percent in April, 8.4 percent in March and 8.5 percent in February, but it's still a big-enough annual increase to move Denver up a notch from fourth place in March and April to third among the 20 cities closely tracked by the Case-Shiller monthly report series.
The only places growing faster than the Mile High City are Seattle (up 13.3 percent) and Portland, Oregon (up 8.9 percent) for year-over-year price growth.
Other report highlights include:
Denver saw a 0.9 percent gain in May over the previous month, not seasonally adjusted, down from 1.2 percent in April. The 20-city average monthly price increase was 0.8 percent and the national average was 1 percent.
Denver's Case-Shiller home price index in May rose to a new record of 198.32, which means local home resale prices averaged 98.32 percent higher than they were in the benchmark month of January 2000.
Denver is indeed a hot market, but if you know where to look, there are some great deals to be found. If you’re in the market for a new home or first home, contact Metrowest today. We’d love to show you around!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....