Denver home price gains still strong amid national slowdown

July 07, 2016 / Posted in Condos

Denver continues to see strong year-over-year gains in home-resale prices while the national trend is slowing.

That’s according to the latest monthly S&P/Case-Shiller Home Prices Indices report, issued Tuesday.

Prices in the Denver area rose 9.5 percent in May from a year earlier, the same year-over-year gain as in April, the report said.

Meanwhile, the average year-over-year gain for the 20 cities that the Case-Shiller report series tracks was 5.2 percent, and the national increase was 5 percent.

Denver has seen yearly home-resale price gains hovering around 10 percent for the last several months, according to previous reports in the closely followed Case-Shiller series from S&P Dow Jones Indices and CoreLogic.

In May, the only city tracked by the report to see bigger percentage gains in prices than Denver were Portland (up 12.5 percent) and Seattle (up 10.7 percent).

As for month-to-month changes, Denver prices in May were up 1.1 percent from from the previous month, not seasonally adjusted, ahead of the 20-city average gain of 0.9 percent but a bit behind the national average of 1.2 percent.

Denver’s monthly price gains were 1.4 percent in April and 1.6 percent in March, the Case-Shiller report series said.

(After seasonal adjustment, Denver prices rose 0.4 percent in May from the previous month. The seasonally adjusted 20-city trend was a decrease of 0.1 percent in May and the national gain was 0.2 percent.)

Denver’s Case-Shiller home price index reached a new high of 183.78 in May. That means that local home resale prices averaged 83.8 percent higher than they were in the benchmark month of January 2000, according to the Case-Shiller report series, based on non-seasonally-adjusted data.