Tuesday, October 30, 2012

LPS: Colorado home prices up 4.5 percent in August 2012

According to the LPS Home Price Index for August, released last week, the LPS Home Price Index for the Denver area was up 5.7 percent from August 2011 to August 2012. According to the report, the estimated home price in the Denver area was $244,000 during August 2012, up from $231,000 during August 2011.  The Denver price was the 12th-highest average price among the 25 cities surveyed. In Denver, the HPI price peaked during Jun of 2006.

Nationally, the HPI rose 2.6 percent from August 2011 to August 2012, rising to $205,000. Nationally, the HPI peaked during June of 2006.

Denver also reported the 9th largest percentage increase over the year of the 25 metros. The largest increases were found in Phoenix and Detroit where the HPI increased 16.9 percent and 11.8 percent, respectively.

The report also provided home price estimates for the largest 20 states. Colorado's HPI increased 4.5 percent from August 2011 to August 2012. The average home price as of August 2012 was estimated at $241,000 in Colorado.   Colorado reported the fifth-largest increase in the HPI among the 20 largest states. The largest increases were found in Arizona and Michigan where the HPI increased 14.1 percent and 7.7 percent, respectively. Colorado had the 9th-highest estimated home price among the 20 states.

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 6 to 9 months.  

See here for the home price archives.