Metro Denver home prices rose 7.2 percent in October, the fifth highest annual increase out of 20 major metropolitan areas, according to the latest S&P CoreLogic Case-Shiller Indices.
Seattle continues to hold the top spot for home price appreciation at 12.7 percent, something it has done this year and last. Las Vegas, where housing markets have heated up in recent months, was the only other metro with a double-digit price increase at 10.2 percent.
San Diego and San Francisco came in third and fourth at 8.1 percent and 7.7 percent. Denver’s 7.2 percent gain in October matched the pace reported in July, August and September.
Denver’s rate of home price appreciation on the closely followed index came in just ahead of Dallas, Detroit, and Portland, Ore., at 7.1 percent. An index of 20 cities was up 6.4 percent, compared with 6.2 percent in September.
“The last few months of 2017 have clearly demonstrated the extent to which the housing market refuses to be knocked off its stride,” Zillow senior economist Aaron Terrazas said. “Whether and how long the housing market can continue to defy gravity, and whether the good times last into 2018, remain open questions. But for now, the fundamentals driving the market today look unlikely to change any time soon.”
