Tuesday, August 21, 2012

July 2012 home values up in all metros but Pueblo

According to to most recent Zillow Home Values report, home values as measured by Zillow were up from July 2011 to July 2012 in Denver, Colorado Springs, Ft. Collins, Grand Junction and Boulder metros. Prices were down in the Pueblo metro.

Home values in the United States were up in July, increasing 1.2 percent from July 2011 to July 2012. 

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

Change from July 2011 to July 2012 (in %):
Colorado statewide: +2.9
Boulder +2.6
Colo Springs +2.1
Denver metro +4.8
Ft. Collins +3.5
Grand Junct +2.5
Pueblo -6.2

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 July 2012 for each metro area are (in $s): 

Colorado 205,000
Boulder 309,700
Colo Springs 185,300
Denver metro 212,600
Ft. Collins 221,800
Grand Junct.162,300
Pueblo 99,700

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 echoes other reports on home prices, such as Case-Shiller which continues to show accelerating home prices due to constricted supply and ongoing household formation.

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.