S&P/Case-Shiller Report Shows Price Growth for Denver Real Estate in July
Wednesday, 1 October 2008 by Dave
Per the Denver Business Journal:
Home prices in Denver rose in July for the third consecutive month, according to the closely watched S&P/Case-Shiller Home Price Indices.
But the index shows Denver with the smallest increase since the market here started rebounding in May, and continues to show a negative for the year-over-year figure.
The report released Tuesday said home prices in Denver rose 0.8 percent in July, the second-strongest showing of any of the 20 metro areas analyzed. Only Minneapolis, at 1.3 percent, had a better month.
Denver home prices had a 1 percent monthly appreciation in May, and a 1.5 percent rise in June.
The 20-city composite index showed an average 0.9 percent drop in July. None of the 20 cities showed a positive year-over-year result. Denver home prices are down 4.7 percent since last July.
Las Vegas was the weakest market, with an annual drop of 29.9 percent, followed closely by Phoenix at 29.3 percent.
The 20-city index reported an average year-over-year decline of 16.3 percent.
I have my issues with all the reports out there but S&P/Case-Shiller does the best job of the group in my opinion of compiling data in a meaningful and relevant manner (now if they would just stop grouping Denver and Aurora into one category under “Denver” for their reports).
More information on the assemblage of the report itself can be found here. For the data hounds out there, here’s the full report and an index of previous reports is also available for download.
lt will be interesting to watch as the reports for September and October roll in. With the current distactions of the credit crisis as well as the election we may see a slight speed bump in our road to recovery.
In an attempt to keep you informed on our local market conditions in real time, I will be posting North West Denver Real Estate statistics on a monthly basis starting later this week.
