Last week the S&P CoreLogic Case-Shiller home price index reported that house prices in Denver continued their hot streak in July, hitting an all-time high for year-over-year gains.

Denver’s home price index increase of 21.3% made it one of seven U.S. cities to record their highest-ever 12-month gains. The other cities were New York, Boston, Charlotte, Cleveland, Dallas, and Seattle, according to the index.

The index tracks the value of single-family housing in the U.S. The national price increase of 19.7% from July 2020 was the highest annual gain in more than 30 years, according to Crag J. Lazzara, managing director and global head of index investment strategy at S&P DJI. It also marked the 14th consecutive month of accelerating prices.

In Denver, house prices rose 1.8% from June to July. The seasonally adjusted monthly gain in the national index was 1.5%.

On the rental side of housing, the trend remains on an upward trajectory, too. Rents rose 2.7% in Denver from August to September, according to a monthly survey by Apartment List, an online marketplace. Rents jumped 16.5% from the same period a year ago.

The median rent in Denver is $1,501 for a one-bedroom apartment and $1,839 for a two-bedroom unit, compared to the national average of $1,275. September was the eighth-straight month that rents went up after a decline in January.

However, July also saw a rising wave of homes coming to market as many homeowners decided to move ahead with pandemic-delayed plans, which spurred sales activity. The flow of fresh inventory, which continued into August, offered buyers more options and helped take some of the sting out of skyrocketing prices and the frenzied pace from earlier in 2021.

Home prices in the Denver metro area don’t look to be declining anytime soon, but they are priced more competitively than earlier this year. Is now the right time to buy? There’s only one way to find out. Contact Metrowest today – we’d love to discuss your options!