Even more positive news today for prices of metro Denver homes. The year over year increase for home prices in the area show a 10.2 percent increase and the number of REO (Denver foreclosures) has decreased over 4% in the past month. Again, this mirrors what other research organizations have been reporting, but it bears repeating here.
From the Denver Business Journal:
Rising home sale prices in metro Denver for June continued to outpace both the West region and the national average, according to a home price index report by Clear Capitalreleased Tuesday.
The Denver-Aurora metropolitan statistical area (MSA) saw home sales prices rise by 3.6 percent quarter over quarter in June, according to the Truckee, Calif.-based real estate data company. The index showed a 10.2 percent year-over-year increase in prices, ranking metro Denver 13th in the top 50 MSAs.
Metro Denver’s MSA had climbed into the top 10 MSAs, to No. 8, as recently as April with a 2.9 percent quarter-over-quarter growth in home sale prices and a 9 percent year-over-year gain.
The real-estate owned, or REO (foreclosed homes), saturation of the metro Denver MSA stood at 18.3 percent in June, compared to 22.5 percent in May.
While the sales price increase is great, even more encouraging is the report in the decrease in Denver HUD homes and Denver foreclosures. These numbers remain uncertain in the long run, but it is reassuring to see them continuing to decline month after month.
The declining numbers continue to play themselves out in the market with our buyers. This week alone, our team has faced a multiple offer situation on Denver HUD homes. Most end up going for full price or above and tend to receive multiple offers.
If you would like to discuss this report in detail with one of our Denver Homes experts, give us a call at 303-726-1874 today.