Denver Home Prices Increase

Dated: 02/18/2013

Views: 1280

 

A recently released home price index report indicated that Denver-area home prices increased 7.8 percent in November 2012 from a year earlier, making it the metro area’s biggest year-over-year price gain since prior to the recession. Additionally, this was the 11th straight month of year-over-year price gains in metro Denver. Local home prices in November were at their highest level since October 2007, according to historic data from the report series.

This latest report gives Denver an index value of 134.5 for November, which means that local home resale prices averaged 34.5 percent higher than they were in the benchmark month of January 2000. The last time the Denver index was that high was in October of 2007, when it stood at 136.09. These prices are for resales of stand-alone single-family homes only, not for new construction or condominiums.

Experts agree that housing demand in the market is very strong right now. Part of that demand increase is made up of relocating people coming to Colorado as many of the state’s premiere companies are taking on new employees.

In November Denver saw greater year-over-year price gains than all but seven of the 20 major cities tracked by index report. The average gain was 5.5 percent. The news is promising as it shows the housing is clearly recovering. Prices are rising as are both new and existing home sales, as the pace of year-over-year price gains in Denver has been picking up speed for several months.

If you’ve been thinking about listing your home this spring, you probably won’t be alone. Real estate industry experts predict that sellers waiting for price gains might get off the fence this year and more inventory should be available for the spring selling season. Though they also agree that there will be some homeowners who will hold out as prices continue to rise.

Blog author image

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....

Latest Blog Posts

Denver Home Prices Remain Unchanged In June

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

Read More

Exploring Mayfair Montclair

Brick houses and mature trees line the streets of two of Denver’s oldest neighborhoods – Mayfair and Montclair.Originally designed as a wealthy suburb, Montclair homes were required to be at

Read More

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

Read More

Denver Doesnt Make The List For Affordability

The city of Denver makes a lot of lists, but unfortunately for buyers in this market, affordability isn’t one of them. That’s according to the second-quarter Attom Data Solutions 2018 U.S. Home

Read More