Wednesday, July 18, 2012

LPS: Denver home prices up 2.7 percent during April

According to the LPS Home Price Index for April, released Monday, the average house price in the Denver area were up 2.7 percent from April 2011 to April 2012. According to the report, the average home price was $237,000 during April 2012, up from $231,000 during April 2011.  The Denver average price was the 10th-highest average price among the 25 cities surveyed. In Denver, the average price peaked during Jun of 2007.

Nationally, the average house price fell 0.1 percent from April 2011 to April 2012, dropping to $200,000. Nationally, the average house price peaked during June of 2006.

Of the 25 metros surveyed, 15 metro areas reported gains with the largest gains being in Detroit, hpoenix, and Denver.

According to the LPs press release:

“Home prices have risen 2.5 percent so far this year, indicating an exceptionally strong spring,” said Raj Dosaj, vice president of LPS Applied Analytics. “While prices typically see a boost in the spring, the magnitude and speed of this increase and its consistency across the nation have not been seen since October 2005.”

This report shows few surprises when compared to other home price indices for Denver and Colorado. (See recent Divisionofhousing.com analyses of home prices here.) The Denver area has consistently shown larger increases in home prices compared to numerous other metros throughout the nation, and home price growth has accelerated in metro Denver and in Colorado statewide over the past 4 to 6 months.  

See here for the home price archives.