A closely followed index of home prices showed home prices in metro Denver dropping 0.6 percent in January from December, slightly below the declines averaged in 20 U.S. cities.
The S&P/Case-Shiller Home Price Indices fell 3.8 percent across 20-cities over the 12 months ending in January and dropped 0.8 percent in January from December.
Denver was among 16 metro areas that showed price declines at the start of this year compared to December. Only Miami, Phoenix and Washington D.C. saw 2012 home prices start off on a positive footing.
But Denver was among only three metro areas able to squeeze out home price gains over the past 12 months through January. Detroit and Phoenix also posted gains.
“Despite some positive economic signs, home prices continued to drop. Eight cities – Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa – made new lows,” says David M. Blitzer, chairman of the Index Committee at S&P Indices. “Detroit and Phoenix, two cities that have suffered massive price declines, plus Denver, saw increasing prices versus January 2011.”
A report last month from the Federal Housing Finance Agency reported a 2 percent drop in metro Denver home prices in the fourth quarter of last year versus the fourth quarter of 2010.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com or
