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
Pace Of Resale Price Gains Slowing In Denver
For six consecutive months, year-over-year average gains in home-resale prices across metro Denver slowed slightly in July from the previous month's pace.
However, the average resale prices in the metro area are now twice as high as they were in 2000. This information comes from the latest S&P/Case-Shiller Home Prices Indices report.
According to the report, home prices are still rising in metro Denver at a faster rate than the national average, but the pace of that increase has been slowing gradually since January.
Other report highlights include:
Metro Denver's average home resale prices were up 7.2 percent in July from a year earlier.
That follows year-over-year gains of 7.6 percent in June, 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.
The only major metros to see greater year-over-year gains in June were Seattle (up 13.5 percent), Portland (up 8.2 percent), Las Vegas (up 7.6 percent) and Dallas and Detroit (both up 7.3 percent).
Denver's Case-Shiller home price index in July rose to a new record of 200.98. That means that local home resale prices averaged 100.98 percent higher than they were in the benchmark month of January 2000.
While home price tags are on the high side in Denver, it doesn’t mean homebuyers are out of luck. There are still some great deals to be found. Contact Metrowest today – we’d love to help out!
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....
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