The housing market in the Denver area is continuing to strengthen. Home prices in the metro Denver area rose in October, marking the ninth straight month in a row according the most recent home price index released by CoreLogic.
Denver-Aurora-Broomfield metro area home prices experienced a substantial increase of 9.2 percent in October when compared to the same period of time last year. The increase takes into account all sales, including those of distressed properties and REO properties. Home prices on a month over month basis in the Metro Denver area rose by 0.1 percent from September, but the small increase can be attributed to the seasonal slowdown. Statewide the home price index rose by 7.3 percent in October compared to the same time last year.
The home price index for those resale properties that exclude distressed properties saw an increase of 8 percent for the month of October when compared to October of 2011. This was also an increase when you compare to the home price index of September that excluded distressed properties, which was 7 percent compared to September of 2011.
“The housing recovery that started earlier in 2012 continues to gain momentum,” Mark Fleming, chief economist for CoreLogic, said in the recent report. “The recovery is geographically broad-based with almost all markets experiencing some appreciation. [Coastal] and energy states continue to experience the most robust appreciation and some judicial foreclosure states are even recording increasing prices.”
Nationwide October marked the eighth month in a row for home prices increasing. In October there was a 6.3 percent increase over a year ago nationally. We have not seen an increase this big since June 2006.
Another report that many look to for housing market updates is the S&P/Case-Shiller Home Prices Index. Their recent data reported that in September the Denver area reached the highest home prices we have seen in nearly five years.
Are you ready to buy or sell a home in the Denver area? Contact the Bandy Team to see what we can do for you! We’re happy to answer any questions you may have about metro Denver. We would love to show you some terrific properties in Englewood, homes in Franktown, or real estate in Aurora.
Until Next Time,
Marianne Bandy
The Bandy Team
RE/MAX Professionals- Denver, CO
"From Our Heart to Your Home"
303-746-7799 cell
www.BandyHomes.com
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