As with every month for the past 15 months, the Case-Shiller Home Prices Index showed another year-over-year increase for prices on Denver homes. This month, as with every other month in 2013, the year-over-year increase was above 9% (9.9% in April). This continuews the trend we’ve seen in all of the major housing indexes over the past year and a half.
With the huge decrease in housing inventory and the rapid decrease in Denver foreclosures, the demand has far outstripped supply resulting in a sever uptick in prices. In addition, the fear of rising rates in the coming months has spurred many buyers to get into the market, driving prices up.
From The Denver Busineess Journal:
Denver-area home prices rose 9.9 percent in April from a year earlier, the 16th straight month of year-over-year price gains, according to the latest S&P/Case-Shiller Home Prices Index, released Tuesday.
And the latest index report shows Denver home prices getting close to their 2006 all-time peak.
Denver so far has seen year-over-year price gains of 9 percent or more every month through April, according to data from the closely followed monthly real estate report series from S&P Dow Jones Indices LLC. (See the table at the end of this article for price trends back to 2010.)
Nationwide, home prices rose 12.1 percent in April from the previous year in the 20 large metro areas followed by the Case-Shiller report.
With prices forecasted to continue rising, waiting even a few months to buy a home or sell your current home and move up, can potentially cost you thousands of dollars. Give our team a call and we can run the numbers for you on specific neighborhoods and areas and help you make the best choice for your situation: 303-726-1874