Metro Denver’s annual home price hike exceeded 23% for the second straight month in April, almost inconsistent with the record highs set in March, according to a carefully watched home price index.
Metro Denver’s S & P Core Logic Case-Shiller Home Price Index rose 23.7% year-on-year in April after rising 23.7% in March. These two measurements show the highest rate of increase in annual home prices seen in Denver in records dating back to 1986. Out in February 2001 with an annual income of 15%.
For the current 13 months, Metro Denver’s annual home price hike has surpassed previous records set in 2001.
Craig Lazzara, who reports to S & PDJI, said: The environment may not support unusual home price increases for much longer. “
The rise in April occurred before the 30-year mortgage mortgage rate began to skyrocket to 6%. The “peak” pattern seen in Colorado was also seen in the National Index, which reported an increase of 20.6% in March and a 20.4% increase in April.
“The slowdown in monthly profits, which increased by 2.1% (nationwide), also suggests a further slowdown, although there are increasing signs of a turning point to improve the balance between buyers and sellers. We’ve only compared it to some of the most competitive situations since the early 2000s, “Selma Hepp, Deputy Chief Economist at Core Logic, said in an email.
Hep said inventory of homes for sale is starting to grow and more sellers must fall below their original list price to complete the deal. She said the slowdown in monthly profits was particularly noticeable in the western part of the country, where the rush ahead of rising mortgage rates contributed to a stronger price surge earlier this year.
Mortgage rates are below the overall inflation rate, even at 6%, although strong price increases and high borrowing costs are putting pressure on homebuyers. Over 8%.. And potential buyers who continue to rent are seeing their costs rise as well as they continue to be placed.
According to the report, annual apartment rent inflation is running at a rate of 14% nationwide and 12.7% in Metrodenver. Monthly updates from the apartment list.. According to the report, the median rent for one bedroom in Metro Denver was $ 1,485 and the rent for two bedrooms was $ 1,798.