Home prices nationally in January marked their slowest annual gains since 2015, and Denver home prices are rising at levels last seen in 2012, according to the S&P CoreLogic Case-Shiller Indices, a leading measure of U.S. home prices.
“January kicked the new year off with yet another month of slowing price growth. This is a strong signal that the homebuying season this spring will look quite different than in recent years,” said Ralph McLaughlin, deputy chief economist at CoreLogic, in a blog post.
Nationally, home prices rose 4.3 percent in January, marking the 10th month that prices have de-accelerated on the paired-price index.
The metro Denver index recorded a 5-percent annual gain in home prices, the slowest pace since June 2012. Like the rest of the country, Denver home prices have been on a downward trajectory for the past 10 months, and the median price of a home sold turned negative in February.
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In January 2016, the Case-Shiller index for Denver rose 10.2 percent. In January 2017, it rose 9.2 percent. In January 2018, it rose 7.6 percent. And this January, the gain is down to 5 percent.
The hottest markets at the start of the year were Las Vegas, Phoenix and Minneapolis. Denver ranked sixth, in a tie with Detroit.
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