Another month, another record set for prices of Denver homes. The most recent report released by S&P/Case-Shiller showed that for a fifth straight month in September, metro Denver home prices reached an all time high. The report, used by many in the industry to compare major metro areas, showed that Denver prices increased 9.9% year over year in December from last year.
This is obviously great news to current home owners, but it continues to send a warning to buyers who are putting off buying a home. We are now consistently seeing a roughly 10% annual increase in home prices. So the home you could buy today for $200,000, will cost you $220,000 in a year. Factor in a possible increase in interest rates, and waiting 12 months could cost you tens of thousands of dollars.
If you are thinking of buying a home, but keep putting it off, give our team a call today at 303-726-1874. There are still grant programs and down payment assistance programs available.
From The Denver Business Journal:
The widely followed gauge of home resale prices in 20 U.S. cities showed Denver-area prices were up 9.9 percent in September from a year earlier, the 21st consecutive month with a year-over-year gain.
Prices had risen 10.1 percent in August from a year earlier.
Denver’s Case-Shiller price index for September was 147.30, meaning that local home resale prices averaged 47.3 percent higher than they were in the benchmark month of January 2000.
The Mile High City’s price index has been breaking records each month since May. The previous high index reading before the latest run-up was 140.28, set in August 2006.