Home values in the metro Denver area fell 1.4 percent in May compared to the same month a year ago, according to the S&P/Case-Shiller home price index.
The metro Denver decline was only half of the combined 2.8 percent decline the index recorded in May for 20 metro areas. Comparing May to April, prices rose 1.1 percent.
Denver was among 15 metro out of 20 metro areas tracked by the index that suffered price declines on an annual basis.
The cities with the largest drops were Detroit, down 11.1 percent, San Diego, down 7 percent, and Tampa, down 6.7 percent. Seattle had the largest annual gain in home values at 9.1 percent, with Charlotte, N.C. up 7 percent.
The Case-Shiller index measures resales of the same homes and is capturing larger price declines than monthly home sales reports from Realtors.
Nationally, home prices are approaching the sharpest declines recorded since the U.S. recession in the summer of 1991, according to the index.
Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com.
