Denver home prices increase for the month of May over April. This is certainly welcome news in the housing market. However, for the last 14 months, no major market has seen an increase year over year. Denver was one of 4 cities that had negative home value declines under double digits from year to year. Denver had a –4.1% decrease in values over the same period last year.
“It’s the fourth month in a row Denver didn’t set another year-over-year record in declines, so we’re seeing some moderation in housing weakness,” said economist Jeff Thredgold of Vectra Bank Colorado. We’re not out of the woods yet, but this is certainly an indication that we’ve bottomed or nearing the bottom of the housing decline.
According to the Denver Metrolist statistics, there’s less than a 3 month supply of homes on the market in the $200,000 and under price range. The high end price range is still suffering and is certainly a drag on the local housing market.
You can read more about this in the Denver Post.
