According to the latest monthly S&P/Case-Shiller Home Prices Index report, after trailing San Francisco for year-over-year home-resale price gains in July, Denver tied with San Francisco in August for the top spot among 20 major U.S. metro areas.
Case-Shiller numbers for metro Denver cover a 10-county area: Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.
Both Denver and San Francisco home resale prices saw a yearly gain of 10.7 percent in August, more than twice the national gain.
The average yearly price increase among the 20 major cities tracked by the monthly report was 5.1 percent in August, and other than Denver and San Francisco, no other metro area scored double digit percentage year-over -year price gains in August.
Denver’s Case-Shiller home price index also reached an all-time high of 172.82 in August.
What does this mean? An index reading of 172.82 means that local home resale prices averaged 72.82 percent higher than they were in the benchmark month of January 2000.
Despite Denver’s big gains, homes here on average remain less expensive than in San Francisco and other cities with historically high prices. As for month-to-month price changes,
Denver home-resale prices rose 0.9 percent in August from the previous month.
That was a far greater monthly gain than the 20-city average of 0.4 percent and the national average of 0.3 percent. Click here to download the full report.
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