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.
Author:Carla Winter - Raymond Selix Phone: 303-523-1921 Dated: July 10th 2014 Views: 804 About Carla Winter -: Ray and Carla have been working as a team since 1995. Carla’s extensive knowledge of the Denver a...
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