While , its home prices continue to rise at a pace slower only than Portland, Ore. and Seattle.
The latest Standard & Poor’s CoreLogic Case-Shiller home price indices, released Tuesday, put Denver firmly in the top three housing markets for annual price appreciation nationwide,
In Denver, prices rose 9.4 percent in July from a year earlier. Month over month, home prices crept up 0.9 percent between June and July, slightly slower than the 1.1 percent increase between May and June.
In the other top markets, prices were up 12.4 percent in Portland year over year and 11.2 percent in Seattle. New York saw the smallest gain among the 20 metropolitan areas tracked by Case-Shiller at 1.7 percent, followed by Washington at 2 percent and Cleveland at 2.5 percent.
in July. Case-Shiller’s 20-city home price index increased 5 percent in July from a year earlier, compared to 5.1 percent in June and 5.3 percent in May.
That doesn’t mean conditions have eased for buyers. Despite , buyers in many markets still face a .
Even in metro Denver, where in recent months, inventory is still only about 40 percent to 50 percent of the historical average.
“Despite recent data pointing to slower sales, home prices continue to rise faster than incomes in many areas,” Quicken Loans vice president Bill Banfield said in a statement. “Low inventory will continue to be a challenge for buyers looking for the right home and can cause those bidding to be more aggressive on the house they finally want to purchase.”
