Once again, metro Denver’s year-over-year gains in home-resale prices topped 9 percent in the latest S&P/Case-Shiller Home Prices Indices report, well ahead of the national average.
The report, issued, Tuesday, shows Denver-area resale prices up 9.3 percent over the year ending in June, versus a national average of 5.1 percent.
The annual price gain for Denver only slightly trailed the area’s year-over-year gains of 9.5 percent in both April and May, according to the closely followed Case-Shiller real estate report series.
In June, the only major U.S. cities among the 20 tracked by Case-Shiller to see greater annual price gains were Portland, Oregon (up 12.6 percent) and Seattle (up 11 percent).
As for month-to-month changes, Denver prices in June were up 1.1 percent from from the previous month, not seasonally adjusted, ahead of the national average gain (up 1 percent) and the 20-city average gain (0.8 percent).
Denver’s monthly price gain also averaged 1.1 percent in May. It was 1.4 percent in April and 1.6 percent in March, the Case-Shiller report series said.
(After seasonal adjustment, Denver prices rose 0.3 percent in June from the previous month. The seasonally adjusted national average gain was 0.2 percent while the 20-city average was a month-over-month decline of 0.1 percent.
Denver’s Case-Shiller home price index reached a new high of 185.77 in June. That means that local home resale prices averaged 85.8 percent higher than they were in the benchmark month of January 2000, according to the Case-Shiller report series, based on non-seasonally-adjusted data.
Case-Shiller numbers for metro Denver cover a 10-county area: Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.
The Case-Shiller index is compiled by comparing matched-price pairs for thousands of single-family homes in each market. Prices are for resales of stand-alone single-family homes only, not for new construction or condominiums, and are meant to reflect price changes for comparable home inventory. Case-Shiller does not report actual home sales prices.
Case-Shiller is one of several popular measures of home prices, using different methodologies, covering different housing types and geographical areas, and giving somewhat different results.