For the 13th straight month, the S&P/Case-Shiller home price index for Denver homes showed an increase in year over year numbers. The latest numbers are for January and show an increase of 9.2% over January of 2012. This is a very significant rise and shows not only the biggest rise since prior to the recession, but also shows the highest overall home prices since October of 2007.
From the Denver Business Journal:
For the 13th straight month, Denver area home sales prices rose in January from a year earlier, reaching their highest level since fall of 2007, according to the latest S&P/Case-Shiller Home Prices Index, released Tuesday.
Prices were up 9.2 percent in January 2013 from January 2012, the biggest year-over-year rise since before the recession, according to data from the closely followed monthly real estate report series from S&P Dow Jones Indices LLC.
The pace of year-over-year price gains in Denver has been picking up speed for several months. January’s 9.2 percent over-the-year gain for the Denver area followed 12-month increases of 8.5 percent in December, 7.8 percent in November and 6.9 percent in October. (See the table at the end of this report for price trends back to 2010.)
This report compliments every other market report put out this year; the market for Denver homes is on a very strong rebound. The low interest rates in conjunction with many of the home buyer assistance programs (CHFA, Denver and Littleton Home buyer Assistance Program, CHAC, etc), have helped spur many first time buyers into the market.
If you are thinking of buying, now is the time. As this report details, waiting a year can cost you 9% in lost appreciation / buying power. Call one of our agents today to get the ball rolling: 303-726-1874.