The Colorado Home Price Index Shows Some Regions Up, Some Regions Down

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Mortgage and Lending with First Time Home Buyer, Mortgage Rates, Pre-Approval NMLS 243370

Monthly changes in Home Price Index Since April 2007

Earlier this week, the private-sector Case-Shiller Index showed home prices slightly lower between November and December.  Thursday, the public-sector Colorado Home Price Index showed the same.

Publishing on a 2-month lag, the Federal Home Finance Agency said home prices fell by 1.6 percent nationally in December.  And that's an average, of course.  Some regions performed well in December as compared to November, others didn't.

  • Values in the Middle Atlantic states improved slightly
  • Values in New England were essentially unchanged
  • Values in the Mountain states sagged, down 3.5%

These aren't just footnotes. They're an important piece toward understanding what national real estate statistics really mean. In short, "national statistics" are just a compilation of a bunch of local Colorado Mortgage statistics.

For example, if we dig deeper into the FHFA Home Price Index 70-page report, we find that cities like Terre Haute, IN, Buffalo, NY, and Amarillo, TX posted year-over-year home price gains. You won't see that in a "national" report.

Furthermore, it's a sure bet that those same cities, you could find neighborhoods that are thriving, and others that are not.  Just because the city shows higher home values overall, it won't necessarily be the case for every home in the city.

Every street in every neighborhood of every town in America has its own "local real estate market" and, in the end, that's what should be most important to today's buyers and sellers.  National data helps identify trends and shape government policy but, to the layperson, it's somewhat irrelevant.

So, when you need to know whether your home in Aurora, Colorado is gaining or losing value, you can't look at the national data.  You have to look at your block -- what's selling and not selling -- and start your valuations from there.

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Thank you,


Ben Yost
Senior Loan Consultant

NMLS#   243370  LMB#  100023031

New American Funding
5299 DTC Blvd. Suite 300

Greenwood Village, CO 80111

 

Cell:     303.587.4297

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Email: 
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Web:  
www.newamericanagent.com/Benyost

 

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