The Denver-area housing market was ranked the fifth best of the 20 metropolitan areas tracked by the closely watched Case-Shiller report released today.
On a year-over-year basis, the Denver housing market grew by 5.5 percent in August, the biggest percentage gain since January 2002, when it grew by 5.7 percent, according to the S&P/Case-Shiller Home Price Indices. In July, Denver showed a 5.4 percent increase, the fourth best of the cities in the index.
Three of the four cities that showed a bigger percentage increase than Denver had been severely beaten up in the housing bubble of a few years ago. In August, Phoenix showed an 18.8 percent year-over-year increase, followed by Detroit with a 7.6 percent gain. Also doing better than Denver: Minneapolis, with a 7.4 percent jump and Miami with a 6.7 percent increase.
Nationally, the housing market appeared much improved.
“Home prices continued climbing across the country in August,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Nineteen of the 20 cities and both Composites showed monthly gains in August. Seventeen cities and both Composites posted positive annual returns in August 2012. In 18 cities and both Composites annual rates improved in August versus July. Dallas’ rate remained unchanged at 3.6 percent and Chicago worsened slightly from a -1.0 percent annual rate in July to a -1.6 percent annual rate in August.
“Phoenix continues to lead the home price recovery. It recorded its fourth consecutive month of double-digit positive annual returns with a 18.8% rate for August. Atlanta posted a -6.1 percent annual rate, however this is significantly better than the nine consecutive months of double-digit declines it posted from October 2011 through June 2012. Las Vegas’ annual rate finally moved to positive territory with a 0.9 percent annual rate of change in August 2012, its first since January 2007.
“The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market. “News on home prices confirms other good news about housing. Single family housing starts are 43 percent ahead of last year’s pace, existing and new home sales are also up, the inventory of homes for sale continues to drop and consumer mortgage default rates are reaching new lows. Further consumer confidence continues to rise. Even as we end the seasonally strong home buying period, the statistics are positive. For the fifth time in a row, both Composites had monthly gains. Home prices in Seattle fell modestly in August, but other than that the 20 cities have also seen home prices generally improve since April.”
MSA Change from January 2000 October-November (non-seasonly adjusted) 1-Year Change from November
Atlanta -3.32% 0.1% 7.6%
Boston 53.74% -0.9% 2.3%
Charlotte 15.41% -0.3% 5.1%
Chicago 13.35% -1.3% 0.8%
Cleveland 0.68% -0.8% 1.8%
Dallas 20.55% -0.1% 5.7%
DENVER 34.50% 0.4% 7.8%
Detroit -19.67% -0.3% 11.9%
Las Vegas 0.56% 0.4% 10.0%
Los Angeles 75.58% 0.4% 7.7%
Miami 51.13% 0.8% 9.9%
Minneapolis 26.41% 1.0% 11.1%
New York 62.86% -1.1% -1.2%
Phoenix 24.16% 1.4% 22.8%
Portland 42.13% -0.2% 6.7%
San Diego 63.58% 0.9% 6.7%
San Francisco 46.23% 1.4% 12.7%
Seattle 42.53% 0.5% 7.4%
Tampa 33.77% -0.2% 6.8%
Washington, D.C. 89.11% -0.6% 4.4%
Composite-10 58.28% -0.2% 4.5%
Composite-20 45.82% -0.1% 5.5%
[table "252" not found /]
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.
< class="related_post_title">Related Posts:>