by Brian Burke
on Monday, November 30th, -0001 at 12:00am.
Home prices in the Denver area were down 1.6 percent in September from a year earlier, according to the latest S&P/Case-Shiller Home Prices Index, released yesterday. This marks the third month in a row that the metro area saw a year-over-year price decline, as July 2010 prices were down 0.1 from a year earlier, and August prices declined 1.2 percent from 2009. The areas prices have also declined steadily from month to month, with a 0.4 percent drop between June and July, a 0.1 percent drop between July and August, and a 1 percent drop between August and September.
The Denver area isnt the only metro area to see its housing prices decline. 14 other U.S. cities (out of the 20 tracked by S&P/Case-Shiller) also showed a year-over-year price drop in September, and 17 other cities also saw a month-to-month decline. Despite this overall trend, the average price for all 20 cities rose 0.6 percent between September 2009 and September 2010, thanks to huge price increases in San Francisco, San Diego, Washington, and Los Angeles.
The recent decline in Denver-area home prices comes following a long period of rising prices. The metro area saw year-over-year price increases of 1.8 percent in June, 3.6 percent in May, 4.4 percent in April, 4.1 percent in March, 3.6 percent in February, 2.6 percent in January, 1.2 percent in December 2009 and 0.5 percent in November 2009. Prior to that, though, Denver saw 36 straight months of year-over-year price declines.
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Brian Burke | Broker | ePRO | Expert | 303.955.4220 Office | 303.710.2609 Direct | Brian@kennarealestate.com