Home-resale price gains hold steady in metro Denver
As reported by: Mark Harden – News Director, Denver Business Journal.
The year-over-year gain in home-resale prices for metro-Denver homes remained at 7.2 percent in August for the second month.That's according to the latest S&P/Case-Shiller Home Prices Indices report, released Tuesday.
The August result followed sixth straight months of slight decreases in year-over-year price gains, the closely-followed monthly report series showed. Home prices are still rising in metro Denver at an annual pace well ahead of the national average, the closely-followed monthly report series indicates. But the pace of that increase had been slowing gradually since January.
Previous Case-Shiller reports showed year-over-year home-resale price gains in metro Denver of 7.2 percent in July, 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.
Denver tied with Detroit and Portland with 7.2 percent year-over-year gains. The average rate of annual increase for all 20 cities was 5.9 percent; the national increase was 6.1 percent, the new report said.
As for month-to-month price gains, Denver was up 0.3 percent in August from July levels, behind the 20-city average of 0.4 percent and the national average of 0.5 percent, not seasonally adjusted.
Denver's Case-Shiller home price index in August rose to a new record of 201.65. That means that local home resale prices averaged 101.65 percent higher than they were in the benchmark month of January 2000, according to the Case-Shiller report series, based on non-seasonally-adjusted data.
Case-Shiller numbers for metro Denver cover a 10-county area: Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.
The index is produced by CoreLogic Inc. (NYSE: CLGX) and published by S&P Dow Jones Indices, a division of S&P GlobalInc. (NYSE: SPGI).