Tuesday, July 24, 2012

Zillow: Pueblo, Grand Junct. home prices fall, other metros rise

According to to most recent Zillow Home Values report, home values as measured by Zillow were up from June 2011 to June 2012 in Denver, Colorado Springs, Ft. Collins and Boulder metros. Prices were down in the Grand Junction and Pueblo metros. The Greeley area was not included in the survey.

Home values in the United States were up slightly in June, increasing 0.2 percent from June 2011 to June 2012. 

The year-over-yerar changes for Colorado metros were:

Change from June 2011 to June 2012:
Boulder +0.2
Colo Springs +1.4
Denver metro +3.5
Ft. Collins +1.9
Grand Junct -0.7
Pueblo -9.3

As can be seen in the graph, in recent years home values have shown the most stability in Boulder, Fort Collins and in Denver metro, and those three metros also have the highest values.

The Zillow home values in June 2012 for each metro area are (in $s): 

US 149,300
Boulder 305,900
Colo Springs 184,700
Denver metro 211,300
Ft. Collins 219,000
Grand Junct. 158,200
Pueblo 97,100

Not surprisingly, Boulder has the highest home value level and Pueblo has the lowest. The largest decline in home values in recent years is seen in the Grand Junction area where home values have declined from about 220,000 to 160,000 since 2007. Price declines in other Colorado metros have been more mild as can be seen in the graph.

This report signals a shift from the May 2012 report which showed year-over-year declines in all metros except Ft. Collins. With this report, most metros now show price increases which further bolsters the perceived overall upward trend in home prices in Colorado.

Zillow home valuations, known as the median "Zestimate valuation" should be taken with a grain of salt, but in this case they do appear to be in line with other home price indices and trends.