Denver home prices on the rise
Those looking at homes for sale in Denver can find prime conditions for entering into the real estate market. The latest Standard and Poor's Case-Shiller Index was recently released, which revealed that home prices in July rose for all 20 cities included in its data pool - including Denver - for the third consecutive month.
The index revealed that prices rose in July, by 1.6 percent from June and 0.4 percent after adjusting for seasonal factors, for the third month in a row. The index additionally indicated that when looking at individual cities, the increases were broad. Denver was listed among the cities that experienced the biggest gains in housing prices year-over-year, seeing an increase of roughly 5.4 percent. Only three other cities saw larger gains in prices. Phoenix led the pack with a massive 17 percent increase, followed by Minneapolis with a 6.4 percent increase and Detroit, where home prices were up 6.2 percent.
A recent article in Seeking Alpha reported that Denver saw an approximate 10.5 percent change from its most recent lows in the Case-Shiller Index. The source also indicated that while many cities have a long way to recover before they approach the highs they observed in the mid-2000s, Dallas and Denver are the two cities with the least amount of distance to cover. The index data puts Denver at only 5 percent under its all-time highs since Case-Shiller has been tracking.
USAToday cited David Blitzer, chairman of the index committee at S&P/Case-Shiller, as saying, "All in all, we are more optimistic about housing." The source revealed that the Conference Board recently announced that its Consumer Confidence Index shows consumers are optimistic as well, with the index this month reaching the highest level it has seen since February.
With Denver home prices on the rise, a recent article in the Huffington Post used an industry organization's data to compile a list of the most expensive ZIP codes in the Denver metro area based on median home prices from August data. The ZIP code of 80209, located directly within city limits, came in at No. 5 on the top 10 list, seeing a median listing price of $525,000. The Post revealed that the median list price for the state of Colorado is $267,000, significantly higher than the national listing price median of $190,000.