S&P/Case-Shiller shows Denver Real Estate prices are flat for August 2008
Tuesday, 28 October 2008 by Dave
Per the Denver Business Journal:
Denver home prices were flat in August, according to the closely watched S&P/Case-Shiller Home Price Indices.
Prices in Chicago also were flat, while 16 other cities in the 20-city index showed declines during the past month. Only Boston and Cleveland managed to post small gains in housing prices, at 0.1 percent and 1.1 percent, respectively.
The composite index showed a 1.1 percent decline in home prices during the month.
None of the 20 cities recorded any increases in the year-over-year period. Home prices in Denver are off 5.1 percent, but down 16.6 percent for the 20-city composite index since August 2007.
Quite a contrast to the Intergated Asset Services, LLC report I wrote about for August. If you dig into the report you’ll see that they are claiming a year over year decline in the median price of a home in Denver is 23.2% as of August. I’m not disputing that their numbers don’t add up but I do have my issues with their methods of compiling data. As I’ve tried to illustrate previously, their method is going to be heavily influenced by the lender owned and short sale properties in Denver real estate compared to other methods of tracking home values.
As previously mentioned, I think the real test for Denver Real Estate will be how our market performs from October through the end of 2008. From our experience it will be unlikely that both sales volume and average prices don’t take at least a slight dip. Not that there is anything out of the ordinary going on at the moment that might distract someone from their home search…
Jenn and I are finally wrapping up our loose ends on the format for our monthly market statistics reports to be posted on this blog. We will be posting both Denver-Front Range statistics for the market as a whole as well as in depth statistics for the North West Denver real estate market by price point. A list of sold properties in the Denver Northwest (DNW) market area will also be posted for your download and perusal.
