Tuesday, March 5, 2013

Corelogic: Colorado home price index up 9.8 percent in January

Corelogic's home price index for Colorado increased year over year for the twelfth month in a row during January 2013, increasing to the highest growth rate seen since the beginning of the recession in 2008.

Colorado showed a 9.8 percent increase from January 2012 to January 2013. The December HPI report, released today by Corelogic, shows the national HPI rising by 9.7 percent, year over year. since mid-2012, year-over-year growth in the HPI for Colorado has been robust, as inventory continues to decline and demand for home purchase remains steady or increasing among Colorado residents.

Annual declines were common after 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.

See the home price archive for comparisons with other indices.

The CoreLogic HPI reflects ongoing home price growth that we also see in several other home price indices such as those form FHFA and Case-Shiller. Nationwide, home sales activity continues to be spurred by very low interst rates and continued participation from Fannie, Freddie and FHA.

In the January report, seven states reported larger year-over-year increases than Colorado. The states with the largest increases were Arizona, Nevada and Idaho with increases of 20.1 percent, 17.4 percent, and 14.9 percent, respectively.  Only two states showed declines in the index, and were Illinois and Delaware, with drops of 0.4 percent and 0.1 percent, respectively.