Denver Home Prices Heating Up This Summer

Dated: 07/10/2014

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Summer is one of the more favorable selling seasons for real estate and it appears the summer of 2014 is no exception to the rule. Recently-released data from Corelogic reports that in May of 2014 Colorado single-family home prices jumped a significant 8.6 percent in from May 2013. This number isn’t too far off from the national average year-over year gain of 8.8 percent. The report also indicated that the Denver-Aurora-Lakewood areas in particular did even better, with all single family home prices rising 9 percent year over year.

The trends were similar to an earlier May report by Metrolist, which uses a different methodology than CoreLogic. While CoreLogic tracks repeat sales of homes in metro areas across the country, Metrolist (Denver’s largest multiple listing service) tracks homes sold by all of its members. In May, the average sold price of a single-family home $363,028, up 11 percent from $335,278 in May 2013, according to Metrolist.
The median, or middle, price of a single-family detached home rose 9 percent to $305,000 from $284,350 in May 2013, Metrolist reported last month.
While CoreLogic did not report the actual home sale prices for the Denver in May, their index of home values showed that Denver home prices set a record in May, as it has done every month of this year. Colorado was just one of 10 states where home prices set highs in May, according to CoreLogic. The other nine states were Alaska, Louisiana, Oklahoma, Nebraska, Iowa, South Dakota, North Dakota, Texas and New York.
Nationally, Hawaii showed the highest year-over-year appreciation, with homes rising 13.2 percent for all single-family homes. When distressed homes were excluded, New York showed the largest percentage gain, with values jumping 12.2 percent.
Nationwide, single-family home prices rose by 8.1 percent when distressed properties were excluded. In Colorado, prices rose by 7.0 percent and in the Denver by 7.65 percent, when distressed properties were excluded.

While there are always slight fluctuations from month to month, according to Corelogic, overall, home prices were up the 27th consecutive month in May on a year-over-year basis.

Carla Winter - Raymond Selix

Ray and Carla have been working as a team since 1995. Carla’s extensive knowledge of the Denver area real estate market not only includes over 35 years as a Real Estate Broker Associate but also in....

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