Friday, September 14, 2012

Corelogic: Colorado home prices up year over year for seventh month

Corelogic's home price index for Colorado increased year over year for the seventh month in a row during July 2012, increasing to the highest growth rate seen since the beginning of the recession in 2008.
Colorado showed a 7.3 increase from July 2011 to July 2012. The July HPI report, released last week by Corelogic, shows the national HPI rising by 3.8 percent, year over year.

Annual declines have been common since 2009, although the trend in declines was interrupted briefly by the homebuyer tax credits which created some annual gains in the HPI in Colorado and nationally from late 2009 to mid-2010.

The annual increase in the Colorado HPI of 7.3 percent during July mirrors to a certain extent other home price indices, such as the Case-Shiller index and the FHFA's expanded house price index which have also showed accelerating home prices in the region.

The CoreLogic HPI shows that, nationally, home prices have not increased as much as in Colorado, which was expected. Several home price indices continue to show Colorado home prices increasing more than the nation, and falling by smaller amounts when decreases occur.

In the July report, only 4 states reported larger year-over-year increases than Colorado. The states with the largest increases were Arizona and Idaho with increases of 16.6 percent and 10.0 percent, respectively. Utah and South Dakota also reported larger increases than Colorado.  Eight states showed declines in prices. The states with the largest declines in the home price index were Alabama and Delaware with drops of 4.6 percent and 4.8 percent, respectively.