More good news was released today for Denver homes and the Denver housing market. The latest S&P/Case-Shiller Home Prices Index shows that Denver home prices are near a five-year high. This is obviously good news, but buried in the report is even more impressive statistic. For the ninth straight month, Metro Denver posted a year-over-year increase in home prices.
Nine straight months of year-over-year gain is is incredibly impressive. Many times, market recovery happens ina staggered, up and down approach trending upward only over months. It is incredibly encouraging to see nine straight months of price increases for Denver homes.
From the Denver Business Journal:
Denver area home prices in September reached their highest level in nearly five years, according to the latest S&P/Case-Shiller Home Prices Index, released Tuesday.
Metro Denver home resale prices have not been as high since October 2007, according to data from the closely followed real estate report series from Standard & Poor’s.
The report gives Denver an index value of 134.01 for September, meaning that local home resale prices averaged 34.01 percent higher than they were in the benchmark month of January 2000.
The last time the Denver index was that high was in October 2007, when it stood at 136.08.
The peak index reading for Denver was 140.28 in August 2006.
For the ninth straight month, metro Denver posted a year-over-year increase in home prices in September, at a pace that eclipsed all but five of the nation’s 20 largest markets, the report said.
If you’ve been paying attention to the market news over the last year, this should not be a surprise. Denver foreclosures have seen a drastic reduction in their numbers and the overall market inventory of Denver homes has dropped by over 30%.
Keep in mind, that different areas of the Denver Metro market are seeing varying improvements. If you would like detailed information for your neighborhood, give our team a call at 303-726-1847.
Our team can help you navigate the constantly changing market for Denver short sales and Denver foreclosures. Just give us a call.