The S&P CoreLogic Case-Shiller national home price index rose 14.6% over the past year – a record pace according to the closely watched home price index that dates back to 1987.

In March, the index was up 13.4% and has seen annual gains accelerate each month for 11 months straight. The index for metro Denver increased 15.4%, surpassing the prior record annual gain of 15% set back in February 2001.

Home prices in all 20 cities tracked rose, and in five cities — Charlotte, Cleveland, Dallas, Denver, and Seattle — new records were set for appreciation. Annual gains in the indices for Phoenix, San Diego and Seattle breached 20% in April.

The only other time metro Denver’s rate of home price appreciation reached 15% was in February 2001. On March 10 of that year, the Nasdaq composite index peaked and began a descent that would wipe out billions of dollars in stock equity and help trigger a recession. Metro Denver achieved gains in the 10% range from February 2015 to March 2016 after the excess supply left over from the housing bust dried up. And double-digit gains reappeared once more in January of this year.

According to Lawrence Yun, chief economist with the National Association of Realtors whose comments were included with the report, the largest-ever annual price appreciation is the result of an ongoing housing shortage.

The NAR tracks changes in the price of homes sold, and May’s median gain almost reached 24%, also a record. In metro Denver, the median price of a single-family home sold last month reached $585,000, which was up 23.2% from May 2020, according to the Denver Metro Association of Realtors.

Denver is still very much considered a seller’s market, but we’re starting to see a dip in home showings scheduled and a bit of a decline in the number of offers being made. Couple that with ultra-low interest rates and now might be a great time to get in the homebuying game. Give Metrowest a shout today – we’d love to help you start the process!