Denver Home Prices Still Rising

In Market Trendsby Denver Business Journal

Only three other U.S. large markets have seen bigger jumps in home prices than Denver this year.

That’s the story — unchanged from last month — according to the latest S&P/Case-Shiller Home Prices Indices report released yesterday.

Denver’s seen an 8.6 percent jump in home prices in the past year. Only Seattle (up 13.1 percent), Las Vegas (up 12.7 percent), and San Francisco (up 10.9 percent) have seen bigger jumps than Denver.

Nationally, home prices have jumped 6.4 percent over the past year.

According to the latest Case Shiller report, home prices increased 1.2 percent in Denver from March to April; slightly less than the 1.4 percent increase recorded a month earlier.

“One factor pushing prices up is the continued low supply of homes for sale,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indice, in a statement.

Blitzer’s right about Denver’s low supply of inventory: A Re/Max report this month indicated that Denver’s tied at No. 2 in the nation when it comes to lowest months of supply of housing inventory at 1.1 months behind San Francisco’s one month; A six-months supply indicates a market balanced equally between buyers and sellers, Re/Max said.