Denver ranked No. 2 by S&P/Case-Shiller

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The Denver-area housing marked ranked second in 20 cities tracked by the closely watched S&P/Case Shiller Home Price Indices released today.

Denver homes, overall, lost 1.9 percent in August, according to the index. Only Dallas, with a 1.2 percent drop, performed better. The overall drop for the 20 cities was 11. 3 percent. Denver had been ranked No. 3 in July and June,  in the index.

“Dallas and Denver are continuing their trend from the past month, edging closer into positive territory,” the report notes. The report notes all the areas showed annual declines in August, although they are showing signs of recovery.” Broadly speaking, the rate of annual decline in home price values continues to improve,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. The two Composites and 19 of the 20 metro area showed an improvement in the annual rates of returns, as seen through a moderation in their annual declines.”

Seventeen  of the metropolitan statistical areas and both the 10-city and 20-city composites saw price increases in August over July, Blitzer noted.

“While many of the markets remain down versus this time last year, the relative rate of decline has shown some real improvement,” he added. “California, in particular, has seen some real positive prints in recent months. We see this general trend whether you look at the as-reported data or the seasonally adjusted figure.”

Still, their are potential gray skies on the horizon that could rain on the home market’s rally in the near future.

“Once again, however, we do want to remind people of the upcoming expiration of the federal first-time buyer’s tax credit in November, and anticipated higher-unemployment rates through year-end. Both may have a dampening effect on home prices.”

Metropolitan AreasJuly/August Percentage ChangeJune/July Percentage Change1-Year Percentage Change
Atlanta1.0%2.3%-10.6%
Boston0.9%1.2%-4.2%
Charlotte-0.4%0.6%-8.6%
Chicago1.7%2.7%-12.7%
Cleveland-0.5%1.5%-2.8%
Dallas0.2%1.2%-1.2%
DENVER1.0%1.5%-1.9%
Detroit1.9%1.1%-22.6%
Las Vegas-0.3%-1.1%-29.9%
Los Angeles1.6%1.8%-12.0
Miami1.1%1.3%-18.8%
Minneapolis3.2%4.8%-13.7%
New York0.5%0.9%-9.6%
Phoenix1.6%1.8%-25.1%
Portland0.3%1.1%-12.5%
San Diego1.6%2.5%-8.9%
San Francisco2.8%3.3%-12.5%
Seattle0.1%-0.1%-14.7%
Tampa0.4%1.4%-17.7%
Washington, D.C.1.4%1.9%-7.9%
Composite-101.3%1.7%-10.6%
Composite-201.2%1.6%-11.3%
.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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