Denver area homes price gains still strong in February 2016

Denver area homes price gains still strong according to the latest report from Case-Shiller Home Prices Index. The latest report covering Denver showed resale prices for detached single-family homes in Denver area were up 10.2% from a year earlier. This was slightly lower than the previous three months, when September saw an increase of 10.9% from a year earlier, 10.7% in August, and 10.3% in July. Denver area homes have consistently had over 10.0% home sale price gains in the Denver area reaching back to early 2015. Also, Denver’s Case-Shiller home price index reached 174.34 in December which basically means that local home resale prices averaged 74.34% higher than they did in January 2000.

In addition, Denver Metro Association of Realtors released its latest report for metro Denver, showing the average price of a home, including both detached houses and attached homes like condominiums and townhomes, grew to $377,917 in February, compared with $346,572 a year ago. Inventory once again dipped in February to 3,963 active listings on the market, slightly lower than 4,079 a year ago, a decrease of 2.8%. However, Denver area homes sold dropped, from 3,069 last year to 2,753 this February. Separately, detached single family homes showed an increase of 8% year-over-year to an average of $417,734, while condos prices were up 16% to $287,703