After a crazy couple of weeks on Wall Street, we could all use some positive economic news. Well, there is more good news for the Denver real estate market – Denver home prices continue to outperform the rest of the country. This month’s Standard&Poor’s/Case-Shiller Home Price Indices was released today, and the closely analyzed report revealed that Denver-area home prices dropped 4.6 percent from the summer of 2007 through July of 2008. While this doesn’t sound too good upon first glance, this is actually a rosy number compared to the overall 16.3 percent drop recorded for the 20 cities studied. Just to put it in perspective, Las Vegas and Phoenix have seen home values decrease nearly 30 percent this year!Denver was once again one of the few cities to have a month-to-month price increase of .8 percent. Minneapolis was the only city that fared better with a 1.3 percent gain. In addition to Denver and Minneapolis, Atlanta, Boston, Detroit, and Dallas were the only other cities to see home price increases from June to July.
While the numbers were dismal for the national real estate market, there was a silver lining in the report in that the rate of decline has slowed considerably from the beginning of the year.
For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
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