Friday, March 9, 2012

Corelogic: Home prices edge up in Colorado

After many months of year-over-year declines in Corelogic's Home Price Index (HPI), Colorado showed a 0.1 increase during January 2012. The January HPI report, released Wednesday by Corelogic, shows the national HPI declining by 3.1 percent, year over year.

Janaury 2012 was the first month since mid-2010 to show a positive year-over-year change in the HPI in Colorado. 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 very small annual increase in the HPI of 0.1 percent reflects other home price indices, such as the Case-Shiller index and the FHFA's expanded house price index. Indeed, the Case-Shiller index for December 2011 showed continued price declines for the Denver metro area while the FHFA index also showed continued price declines in Colorado statewide for December 2011. The CoreLogic HPI for Janaury is one of the first home price measures to show positive gains, year over year, although the gain is quite small. The overall trend across indices has been one of flatness in home prices with some small declines in recent months.

The CoreLogic HPI shows that, nationally, home prices have fallen considerably more than prices in Colorado. This has been shown to be the case in several other home price indices as well. See the home price archive for more.