Imagine it or not, the worth will increase for residence costs in Metro Denver are in step with the US general, reveals the federal index – The Denver Put up
Buyers trying to navigate the Denver subway housing market this year cannot be held responsible for attempting to hitch a ride on a fast-moving freight train.
The average price for a single-family home sold on Metro Denver rose 23.2% year over year in April and 15.5% in the first quarter, according to the Denver Metro Association of Realtors. However, those gains are based on the given mix of homes sold in a given month or quarter.
Luxury homes costing more than $ 1 million have become a much larger part of the equation this year, which has helped raise average and, to a lesser extent, median home prices.
A separate real estate price index from the Federal Housing Finance Agency looks at changes in the price of real estate purchased with mortgages backed by Freddie Mac or Fannie Mae. Most of these are properties priced below $ 600,000 based on the size of the mortgage the federal government will support. This is the price range in which most first-time buyers and middle-class families work.
This index shows an annual growth of 13.4% in the first quarter in the Denver metro. That’s still a robust upgrade, but Metro Denver’s rate ranks 42nd among the 100 subways classified by the FHFA between Rochester, NY and Richmond, Va. It’s slightly above the nationally measured 12.6% increase between Q1 2020 and Q1 2021 and behind Colorado Springs, where prices rose 15.6%.
Still, the Denver Metro price per square foot is still about 30% more expensive than what the FHFA measures nationally for homes bought with government-backed mortgages. The average price per square foot in the U.S. was $ 182 at the end of March and $ 187 at the end of May, according to the FHFA. The Denver Metro was $ 236 per square foot in late March and $ 242 per square foot in mid-May.
Measured by the price per square foot of the same home over time, the FHFA shows a 15.3% appreciation in Metro Denver in mid-May, which is below the 23.2% annual DMAR gain seen in the price of homes sold.
National house prices rose 13.2% in March from 12% in February. This comes from the US NSA index for US house prices published on Tuesday by S&P CoreLogic Case-Shiller.
“The National Composite’s 13.2% gain was last exceeded more than 15 years ago in December 2005 and is very comfortably in the top decile of historical performance,” said Craig J. Lazzara, global head of index investment strategy at S&P Dow Jones indices. in a publication.
Metro Denver’s real estate price index rose 13.4% in March last year, placing it 10th among the 20 cities recorded by S&P CoreLogic Case-Shiller. Phoenix had the strongest annual home price gains in March at 22%, followed by San Diego at 20.1%. The appreciation was slowest in Chicago with a plus of 9.5%.