With the unprecedented growth in the Denver metro area over the past couple years, it was only a matter of time before home prices in the Mile High City jumped over the $500,000 mark. According to
Home Resale Prices Rising In Denver
According to the most recent S&P/Case-Shiller Home Prices Indices report, Metro Denver's year-over-year gain in home-resale prices stood at 7.4 percent in December, nearly half a percentage point higher than the annual gain the previous month. It’s great news for sellers, but potential home buyers are certainly feeling the crunch as asking prices continue to increase. November's year-over-year gain in Denver-area resale prices was 7 percent, according to the monthly report series. It had been 7.2 percent for the four months from July to October.
In December, only four major U.S. cities showed greater year-over-year price increases out of 20 big markets tracked by the Case-Shiller report series: Seattle (up 12.7 percent from the previous December), Las Vegas (up 11.1 percent), San Francisco (up 9.2 percent) and Los Angeles (up 7.5 percent). Denver tied with San Diego with a 7.4 percent annual gain.
Other highlights from the report include:
The average year-over-year increase for all 20 cities, as well as the national price gain, was 6.3 percent in December.
Despite Denver's quicker pace of home-resale price gains in December from a month earlier, year-over-year gains still lag the increases of early 2017.
Previous Case-Shiller reports showed year-over-year home-resale price gains in metro Denver of 7.6 percent in June 2017, 7.9 percent in May, 8.2 percent in April, 8.4 percent in March, 8.5 percent in February and 9.2 percent in January.
As for month-to-month price changes, Denver-area resale prices were up 0.6 percent in December from the previous month, topping November's 0.4 percent increase. That rate far exceeded the 20-city and national monthly average gain of 0.2 percent.
Denver's Case-Shiller home price index in December rose to a new record of 203.93, which means that local home resale prices averaged 103.93 percent higher than they were in the benchmark month of January 2000.
While it may be good news for sellers, buyers are feeling the heat from low inventory and high prices. Still, there are some good deals to be found if you know where to look. Contact Metrowest today – we’d love to work with you!
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....
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