After months of double-digit home-price appreciation, the metro Denver area clocked average home-price growth of 9 percent year-over-year in February, according to the latest data from the Denver Metro Association of Realtors.
The average price of a home, including both detached houses and attached homes like condominiums and townhomes, grew to $377,917 last month, compared with $346,572 a year ago.
Inventory once again dipped in February, with 3,963 active listings on the market, compared with 4,079 a year ago, a decrease of 2.8 percent. Accordingly, the number of homes sold dropped, from 3,069 last year to 2,753 this year.
In the lower price ranges, inventory remained especially low, with just 107 active listings on the market between $200,000 and $299,999.
Some sellers are likely waiting for busier selling months, according to DMAR, which would result in an influx of listings in the coming months.
“Market activity is picking up, but sellers appear to be holding out for the upcoming spring frenzy in April (and) May – which is shaping up to replicate last year’s market of high demand significantly outweighing supply,” DMAR said in its report.
Taken separately, detached single-family homes increased in price by 8 percent year-over-year on average to $417,734 and condos prices went up 16 percent to $287,703 in February.
While February’s numbers might offer some hope to would-be buyers, CoreLogic’s monthly home-price appreciation index, which runs a month behind the local data, still posted a double-digit increase.
Home prices in the area appreciated 11.8 percent in January, according to Irvine, California-based CoreLogic’s index. Statewide, CoreLogic (NYSE: CLGX) showed that Colorado’s home prices appreciated 10.9 percent and that prices nationwide appreciated 6.9 percent.
The CoreLogic Home Price Index, which is compiled monthly using public records and real estate databases.
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