Denver area home prices sees steady growth while setting a new record average high according to the latest monthly S&P/Case-Shiller Home Prices Index report. The home price index reached 157.39 in November, setting an all-time high while topping October’s index reading of 157.24. This was the 35th consecutive month with year-over-year gain in Denver area home prices. The report also showed that homes in the Denver area soared 9.81% from December 2013 to December 2014.
The economic impact from home sales in Denver metro area contributed $22 billion in economic activity to the state according to DMAR. A total of $17.5 billion was spent on homes in the Denver metro area during 2014, while the average Denver area home prices increased 11% year-over-year to $340,448. Active listings also dropped by 45% to 4,355 active listings. By comparison, by year-end 2010, 18,257 homes were active in metro Denver, but in 2014 that number had dropped to 3,557, a decrease of 80% over the last four years. The condo market also is experiencing a significant drop of 81% active listings on the market to 798 units in the metro area in 2014, compared with 4,316 in 2010.