Denver and Dallas saw the smallest decline in home prices among cities surveyed in September compared with the same month a year ago.
Prices were down 1.2 percent in both metro areas, the smallest decline among the 20 cities tracked by the Standard & Poor’s/Case-Shiller home- price index.
The 20-city index registered a month-over-month increase in September for the fourth straight month. The index increased 0.3 percent from August but was down 9.4 percent compared with the same period a year ago.
“While Colorado is in a recession, the housing market has not been hammered to the extent that other markets have,” said economist Jeff Thredgold of Vectra Bank Colorado. “Housing nationwide is stabilizing. The price adjustments are painful, but they are starting to stabilize.”
The Denver area’s numbers are better than the national figures because the region didn’t have the huge run-up in prices from 2003 to 2006 that other areas did. Still, Denver’s home prices dipped 0.5 percent compared with August, the first such drop in six months.
“It’s partially a seasonal adjustment with people putting kids back in school, but it’s also partially dependent on what has sold,” said Gretchen Faber, managing broker of the Kentwood Co. in Cherry Creek.
The National Association of Realtors said Monday that home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October from 5.5 million in September. But it’s likely the market will stay flat as the flurry of activity from the federal homebuyer tax credit subsides.
“We’re going to see a little bit of softening as a result of those who are looking to buy have already bought, and those who haven’t will buy in early spring,” said Chris My Gatt, president and chief operating officer of Coldwell Banker Residential Brokerage.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
