Monday, August 6, 2012

LPS: Denver home prices up 3.6 percent, Colorado up 3 percent during May

According to the LPS Home Price Index for May, released Friday, the average house price in the Denver area were up 3.6 percent from May 2011 to May 2012. According to the report, the average home price was $239,000 during May 2012, up from $231,000 during May 2011.  The year-over-year increase in Denver was the 3rd-largest among the 40 cities surveyed.  Only Detroit and Phoenix reported larger increases. The Denver average price was the 13th-highest average price among the 40 cities surveyed. In Denver, the average price peaked during Jun of 2007.

Nationally, the average house price rose 0.4 percent from May 2011 to May 2012, rising to $202,000. Nationally, the average house price peaked during June of 2006.

This report shows few surprises when compared to other home price indices for Denver and Colorado. (See recent 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.

This report also included data on statewide home prices for the 20 largest states (by population). From May 2011 to May 2012, the home price index in Colorado rose 3 percent, rising to $238,000.  Colorado's increase was the third-largest increase in the home price index among the 20 states surveyed. Colorado's estimated median home price was the 9th-highest among the 20 states surveyed.