Denver squeaked out the No. 1 ranking in a national report on home prices released Tuesday, Oct 30, 2007. 

Denver-area homes gained 0.3 percent in value from July to August.  This is the start of the positive market trends in our market.

Although a small appreciation rate, it was good enough to make Denver top in the nation during that period. The 20 cities ranked showed an overall average decline of 0.7 percent.

It looks like Denver may be one of the first markets in the turnaround mode.  Denver has had five positive months of price movement in a row.  This will be followed as the winter months continue, we shall see less inventory and in the spring will be the pulse of the market. 

The  Denver -real estate market stumbled earlier than most cities in the country and in recent years never saw the double-digit price appreciation experienced by other formerly hot markets on the coasts and places such as Phoenix and Las Vegas.

Nevertheless, the new-home market in the Denver area is still suffering through its worst period in more than a decade.

There are pockets of robust price appreciation in Denver.

Cherry Creek, Highlands and others may have risen too fast.

Denver-area home values falling less than the rest of the country.

Denver's housing downturn started around 2001, and the area dodged "the 2006 housing bubble bursting in other parts of the country."

Denver housing is very close to the turnaround, no one predict the exact timing of a down market and when things will turn but know that Denver is ahead of the curve from most of the country, our foreclosures have dropped compared to a year ago even two years ago. 

Rising adjustable-rate mortgages will mean more foreclosures through 2008, which will dampen appreciation at the low end of the market and continue media spins but remember our markets are local and the effect is seen at a lower price and  not affecting more-expensive homes.  

There will be another year for buyers to buy, But a lot of people are going to wait until all of the doom and gloom is over which may be too late for the best deals, and they are going to end up paying more.