Home values in the United States were up in January, increasing 6.3 percent from January 2013 to January 2014, rising to $169,600.
The year-over-year changes for Colorado metros were:
Change from January 2013 to January 2014 (by %):
Colorado statewide: +7.0
Colo Springs +5.6
Denver metro +8.0
Ft. Collins +7.2
Grand Junct +3.2
Note in teh first graph that Pueblo over the past year has begun to get caught up with the other metros in terms of year-over-year index increases. Grand Junction, meanwhile, appears to be falling behind the other metros more and more. GJ's January YOY increase was the smallest reported since early 2013, and GJ's YOY increase has been the smallest among the metros for the past three months. Nonetheless, all areas did report YOY increases during January, and all areas have reported increases for the past ten months. Greeley, driven by an improving job market, partially due to oil development showed the most growth in January with Ft Collins-Loveland and metro Denver close behind.
As can be seen in the second graph, in recent years home values have shown the most stability and/or growth in Boulder, Fort Collins and in Denver metro, and those three metros also have the highest values. Prices in Denver metro, Ft Collins, Greeley and Boulder are all now back above peak levels from before the financial crisis.
The Zillow home values in January 2013 for each metro area are (in $s):
Colo Springs 198,800
Denver metro 243,900
Ft. Collins 245,500
Grand Junct. 174,000
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 174,000 since 2007. Greeley prices, on the other hand, have recently accelerated as new growth driven by oil has driven up demand for real estate in the region.
See the home price archive for comparisons with other indices.
Zillow home valuations, known as the median "Zestimate valuation" is just one of many indices we consult, and it tends to show some of the largest growth rates. Indeed, the Zillow growth rates tend to be above those of the FHFA and Case-Shiller indices. It is helpful as a means of comparing different metro areas.