More Good News For Denver-area Home SellersPosted: March 18, 2013
Two new home sales studies show continuing good news for metro Denver’s residential home resale market, bolstering what other recent price reports showed.
CoreLogic Inc.’s most recent home price index report, covering January sales, shows sale prices increased 11 percent in January from a year earlier. That number included the sale of distressed, or real-estate owned (REO), properties.
Prices increased less than 1 percent from December to January.
Another national study of homes sales, including condos, by homes.com showed the Denver market had the highest month to month change of the 100 markets studied with a 0.78 percent increase through February, according to the Norfolk, Va.-based national real estate research website.
Other highlights about the metro Denver market, from homes.com:
• Metro Denver’s single-family resale market made the top 10 of the 100 markets surveyed in February with a 9.7 percent year-over-year price increase.
• The multifamily, or condo, market here also cracked the top 10 with a 0.33 percent monthly price increase and a 9.73 percent year-over-year increase.
The two national reports mirror other recent data showing price gains and an ever-dwindling inventory of for-sale homes. http://www.bizjournals.com/denver/news/2013/03/06/inventory-of-denver-area-homes-for.html
The homes.com index is compiled using sales data from the same homes over time, “allowing a side-by-side comparison of the same property which tracks more accurately the monthly growth and decline in home prices,” according to a company spokesman.
CoreLogic (NYSE: CLGX) data includes resales of single-family houses and condos. The Santa Ana, Calif.-based company provides consumer, financial and property information, and analysis to business and government.
Its national index showed a 9.7 percent year-over-year increase in sales prices, the biggest increase since April 2006 and the 11th straight month of increases. Denver’s market boasted 12 consecutive months of price increases through January.
“The HPI showed strong growth during the typically slow winter season,” Mark Fleming, chief economist for CoreLogic, said in a release. “With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI and 15 states within 10 percent of their peak values.”
Statewide, Colorado’s residential home sale prices, including distressed properties, increased 9.8 percent in January from a year earlier. Without REO properties, the index rose 8.3 percent year-over-year in January, the report shows.
For metro Denver, the price index excluding distressed sales rose 9.2 percent in January, compared to January 2012, and 1.2 percent from December.
“Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013.”
According to homes.com, here are the metro Denver ZIP codes with the biggest year-over-year price gains: 80111 (Englewood and Centennial), 12.98 percent; 80011 (Highlands), 10.57 percent; 80015 (just east of Golden between Sixth and 32nd avenues), 10.86 percent.
The CoreLogic report is one of several popular measures of home prices, using different methodologies, covering different housing types and geographic areas, and giving different results.