Home Prices in Denver Area Drop 1.2 Percent in August Compared to 2009
Home prices in the Denver area dropped 1.2 percent in August from the same period last year, according to the latest S&P/Case-Shiller Home Price Index released on October 26th. According to an article in the Denver Business Journal (DBJ), it was only the second time since last October that the closely-watched Case-Shiller report failed to show a year-over-year increase in metro Denver home prices.
July prices were down 0.4 percent from June, and the area’s prices also fell 0.1 percent in August from the previous month. Denver was one of 12 U.S. cities out of the 20 cities in the report to show a year-over-year drop in August, and one of 15 to see a month-to-month decline.
As recently as early 2009, Denver was showing year-over-year home price declines of five percent or more, peaking at a 5.7 percent drop in February 2009 from a year earlier. The DBJ article stated that as far as month-to-month price changes, Denver saw a 0.7 percent home price rise in June over the previous month, 0.6 percent price increase in May, a 1.7 percent monthly gain in April and a 0.6 percent rise in March. Before that, Denver experienced month-to-month price declines every month between September 2009 and February 2010.
The Denver real estate index for August was 128.57, meaning that prices were 28.57 percent higher than they were in January 2000. The 20-city average index was 148.59 for August. (Credit: The DBJ article was written by Mark Harden).