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Denver Home Prices UP 9 Percent From 2013
By- Mark Harden - News Director
Denver-area home-resale prices rose 9 percent in January from a year earlier, the same year-over-year increase as in December, according to the latest S&P/Case-Shiller Home Prices Index, released Tuesday. Over a shorter term, Case-Shiller's index showed Denver prices virtually unchanged in January from the previous month, based on non-seasonally-adjusted data. It was the 25th consecutive month with a year-over-year gain in Denver prices, according to the closely followed gauge of home resale prices in 20 cities from S&P Dow Jones Indices LLC. According to Case-Shiller, Denver has now had year-over-year home-resale price gains of 9 percent or more for 12 out of 13 months, with November's 8.9 percent being the exception. (Check the table at the end of this article for Denver home-price data going back several years.) Despite the strong Case-Shiller numbers, a separate report earlier this month from multiple-listing service Metrolist Inc., using different methodology, suggests that Denver price gains may be cooling off as 2014 progresses. The Metrolist report, covering February sales, showed Denver-area prices rising 6 percent from February 2013 levels. It also showed a 21 percent dip in sales between January and Fenruary of this year. The Metrolist numbers include condominium sales; Case-Shiller excludes them. In Tuesday's Case-Shiller report, Denver-area prices were unchanged in January from the previous month, not seasonally adjusted. (After seasonal adjustment, prices rose 0.8 percent month to month.) Denver's Case-Shiller home price index for January was 146.21, meaning that local home resale prices averaged 46.21 percent higher than they were in the benchmark month of January 2000. Denver's highest-ever Case-Shiller index reading was September 2013's 147.3 level. (The index is based on non-seasonally-adjusted data.)
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