Metro Denver saw another month of big year-over-year gains in home-resale prices, at a growth pace almost twice as fast as the national average.
That’s according to the latest monthly S&P/Case-Shiller Home Prices Index report, issued Tuesday.
In January, average prices for single-family detached homes were up 10.2 percent from a year earlier — the same year-over-year gain as December.
That followed 12-month increases of 10.9 percent in September, October and November; 10.7 percent in August; and 10.3 percent in July, according to the closely followed Case-Shiller report series from S&P Dow Jones Indices and CoreLogic.
Out of 20 cities closely tracked by the Case-Shiller reports, three scored 12-month price gains greater than Denver’s in January: Portland (up 11.8 percent), Seattle (up 10.7 percent) and San Francisco (up 10.5 percent). The smallest year-over-year gains were in Chicago (up 2.1 percent) and New York (up 2.8 percent).
In January, the average 12-month price increase among 20 major cities was 5.7 percent, and the national average increase was 5.4 percent.
As for month-to-month price changes, Denver home-resale prices were up 0.2 percent in January following a 0.1 percent monthly decline in December, not seasonally adjusted, the Case-Shiller report said.
The 20-city average monthly change in January was flat, as were nationwide prices.
(After seasonal adjustment, Denver prices rose 0.8 percent in January from the previous month. The seasonally adjusted 20-city gain was also 0.8 percent month to month and the national gain was 0.5 percent.)
Denver’s Case-Shiller home price index reached 174.71 in January.
An index reading of 174.71 means that local home resale prices averaged 74.71 percent higher than they were in the benchmark month of January 2000, according to the Case-Shiller report series, based on non-seasonally-adjusted data.
David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said that nationwide, home prices continue to climb at more than twice the rate of inflation.
“The low inventory of homes for sale — currently about a five-month supply — means that would-be sellers seeking to trade up are having a hard time finding a new, larger home,” he said of the national picture.
He added that while new-home construction and sales nationally have “lagged the gains seen in existing home sales, this may be starting to change: Starts of single family homes in February were the highest since November 2007.”
Case-Shiller numbers for metro Denver cover a 10-county area: Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.
The Case-Shiller index is compiled by comparing matched-price pairs for thousands of single-family homes in each market. Prices are for resales of stand-alone single-family homes only, not for new construction or condominiums, and are meant to reflect price changes for comparable home inventory. Case-Shiller does not report actual home sales prices.
Case-Shiller is one of several popular measures of home prices, using different methodologies, covering different housing types and geographical areas, and giving somewhat different results. The index report is produced by S&P Dow Jones Indices, a subsidiary of McGraw-Hill Financial.
A report earlier this month from the Denver Metro Association of Realtors, covering February, cited 9 percent year-over-year growth in metro Denver home prices. Unlike the Case-Shiller data, the Realtors’ report included detached houses as well as condominiums and townhomes.
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