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Thursday, August 11, 2022

Metro Denver home price increased 23% for second month in a row

Metro Denver Home Price Increased 23% For Second Month In A Row

Annual home price appreciation in Metro Denver topped 23% for the second straight month in April and barely missed the record high set in March, according to a closely watched home price index.

The S&P Corelogic Case-Shiller Home Price Index for Metro Denver rose 23.6% year-over-year in April after gaining 23.7% in March. Those two readings represent the highest rates of annual home value appreciation seen in Denver on record going back to 1986. From February 1999 to August 2001, the index had a long streak of double-digit gains as technology and telecommunications spending drove earnings, peaking out in February 2001 with an annual gain of 15%.

For 13 months now, annual home value gains in Metro Denver have exceeded the prior record set in 2001.

“We continue to observe very broad strength in the housing market, as all 20 cities posted double-digit price hikes for the 12 months ended April,” said Craig Lazara, direct managing director at S&P DJI in the report. The environment cannot support extraordinary home price increases for long.”

The April gain came before mortgage rates on 30-year mortgages rose to 6%. The “peaking” pattern seen in Colorado was also seen in the national index, which gained 20.6% in March and 20.4% in April.

World Nation News Desk
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