Getting your player ready...
The Denver-area’s housing market fell 14.3 percent from its “peak to trough,” less than half of the overall decline for the 20 cities tracked in the closely watched S&P/Case-Shiller Home Price Indices released today.
As previously reported by InsideRealEstateNews, the Denver market statistic area narrowly hitting a double dip in housing prices in March, which was the fate of 12 of the 20 cities tracked by Case-Shiller.
However, the report also shows that homes in the 20 cities, overall lost an average of 33.1 percent from their peaks to low-point. Only Dallas, with an 11.2 percent decline from the peak to the bottom, showed less of a drop than Denver. In March, Denver was down 14.1 percent from its peak, while Dallas was down 10.7 percent.
Denver peak heading to 5-year anniversary
Denver hit its peak in August 2006, and hit the trough in February 2009. Other cities peaked in 2005, 2006 and 2007.
And its peak, Denver was up 40.3 percent from January 2000. By contrast, Las Vegas was up 134.8 percent and Phoenix was up 127.4 percent. Miami showed the largest gain, rising by 180.9 percent at its peak, set in December 2006.
But, as they say, the bigger they are, the harder they fall.
Miami is down 51.1 percent from its peak, Las Vegas is down 58.6 percent, and Phoenix is down 55.9 percent from its peak.
“Denver’s boom wasn’t as big, and its bust wasn’t as painful,” said Jeff Thredgold, corporate economist for Vectra Bank Colorado. “Denver did not participate in the boom of 2006 and 2007, like a lot of other markets, so it is not having the substantial declines as other markets. Denver is not correcting as much. Denver is not as much pain as other housing markets. In Las Vegas, for example, 75 percent of the homes are under water. That is real pain.”
Contact John Rebchook at JRCHOOK@gmail.com.
