Home prices in Denver remained flat in July, bucking a national trend which saw 17 of 20 metro areas posting monthly increases in home prices, according to the Standard & Poor’s/Case-Shiller Home Price Index released today.
Las Vegas and Phoenix home prices were down over the month and Denver was unchanged from June, said the report.
Home prices in Denver were down 2.1 percent from one year ago.
A month ago, Standard & Poor’s/Case-Shiller Home Price Index showed home prices in metropolitan Denver increased 1.6 percent in the second quarter but were down 2.5 from the same period a year ago.
The Denver index is at 125.97 based on a value of 100 in January 2000. This mean that there has been almost a 26 percent appreciation of the typical home in Denver since 2000.
“With July’s data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices,” said David M. Blitzer, chairman of the Index Committee at S&P indices. “This is still a seasonal period of stronger demand for houses, so monthly price increases are expected and were seen in 17 of 20 cities.
“The exceptions were Las Vegas and Phoenix where prices fell, while Denver was flat.”
He added that while there have been four consecutive months of generally increasing prices, “we do know that we are still far from a sustained recovery.
“Continued increases in home prices through the end of the year and better annual results must materialize before we can confirm a housing market recovery.”
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com.
