The good news continues for Denver homes. As with all of the recent reports and news stories, the latest report by CoreLogic shows an 8.6% increase in year over year homes prices. Unlike some reports from months past by different sources, this report includes the effect of prices on Denver distressed properties (foreclosures and short sales). This speaks to both the strength of the housing market as well as the declining impact of Denver foreclosures and Denver short sales.
From the Denver Business Journal:
For the seventh month in a row, average home sale prices in metro Denver increased from the same month last year, according to the CoreLogic Inc. home price index (HPI) report released Tuesday.
CoreLogic’s HPI in the Denver-Aurora-Broomfield area, including distressed sales, increased by 8.6 percent in August from a year earlier.
That’s also a 0.6 percent increase from July’s revised HPI of 8 percent, according to CoreLogic. The company often revises prior month’s HPI as public records data is updated.
Read the etnitre article as it contains some interesting information.
We’ve seen increasing sales and home prices for the past year. With interest rates remaining at record lows and the supply of Denver homes (especially Denver foreclosures) declining, the market is heating up. We’re seeing homes priced under $300,000 sell in less than a week – usually with multiple bids.
To add even more fuel to the fire, HUD is still offering their $100 down payment program on all Denver HUD homes. This allows owner occupants to purchase a HUD home for just $100 down using an FHA mortgage!
If you would like more information on any of this, give our team a call at 303-726-1874 today.