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Colorado Home Prices Increase Over 8 Percent
Dated: February 10 2014
Both trailed the national average of an 11 percent jump for all home and a 9.9 percent gain when distressed properties were included, according to the Irvine, Calif.-based company that looks at repeat sales of homes.Overall, Colorado was ranked 18th by CoreLogic.
Here is a map of the percentage changes in the United states.
Nevada showed the biggest percentage jump. Home prices there rose by 23.9 percent when distressed properties were included and 20 percent when they were excluded.California was not far behind, showing a 19.7 percent and 16.2 percent increase, respectively.Independent local Realtor Gary Bauer, said the CoreLogic report shows the same trend as other local and national reports.
“The fact that CoreLogic is reporting somewhat equivalent to what other data bases are reporting is very positive,” Bauer said.
“That there is some consistency is very important. The individual data points are immaterial.”He said both the Denver area and Colorado housing markets were very strong last year.“Basically, 2013 was a record year,” Bauer said.He, and other real estate experts, neither envy nor want the double-digit appreciation in areas such as Las Vegas and Phoenix.
“Those cities were hit so hard during the recession that even with their double-digit appreciation rates they haven’t yet returned to their previous peaks, while Denver has,” Bauer said.A big jump in appreciation would neither be sustainable nor healthy in the Denver area, as homes would quickly become unaffordable, he said.
Nationally, the December CoreLogic Home Price Index report found that home prices have increased on a year-over-year basis for 22 consecutive months.On a month-over-month basis, home prices nationwide, including distressed sales, decreased by 0.1 percent in December 2013 compared to November 2013.“Last year, home prices rose 11 percent, the highest rate of annual increase since 2005, and 10 states and the District of Columbia reached new all-time price peaks,” said Mark Fleming, chief economist for CoreLogic.
“We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” Fleming added.“The healthy and broad-based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014,” said Anand Nallathambi, president and CEO of CoreLogic. “After six years of fits and starts, we can now see a clearer path to a durable recovery in single-family residential housing across most of the United States.”
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My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....