More good news for homeowners came out in the latest CoreLogic report for Denver homes. This month's data shows that home prices have increased in prices by 10.7% year over year in May 2013 vs May 2012. This double digit increase is in line with every other major report available and continues the trend of 16 months in a row that Denver homes have seen a year-over-year increase in prices.
While this is good news for homeowners, this consistent increase in prices should be making buyers take notice. If you are a buyer thinking of waiting for a year to buy a home so you can save some extra money, make sure you are factoring in significantly higher prices 12 months down the road. While there is no guarantee that prices will continue to rise, a 10% price increase over a 12 month period could make the home you could buy today a home you won't qualify for in a year.
If you would like to run numbers or talk more about a specific neighborhood, give our team a call at 303-726-1874 today.
More details from The Denver Business Journal:
Home prices in metro Denver saw double-digit percentage price increases in May, according to a CoreLogic Inc. report released Tuesday.
It was the 16th month in a row that metro Denver home sale prices saw a year-over-year increase.
In the metropolitan statistical area (MSA) of Denver-Aurora-Broomfield, home prices — including distressed or REO sales — increased by 10.7 percent in May over the month in 2012. That was also a 1.6 percent increase month-over-month increase from April. Without REO properties, May prices increased 10 percent year over year and 1.3 percent month over month.
Nationally, home prices grew at a rate not seen in seven years, according to the report. CoreLogic’s national home price index saw a 12.2 percent jump in May compared to May 2012 — the biggest year-over-year increase since February of 2006.