Home price gains are continuing to slow across much of the country, including in metro Denver, where they are starting to move in line with the U.S. average, according to the S&P CoreLogic Case-Shiller Indices for June.
Home prices in the U.S. rose by 3.1 percent in June, marking the 15th consecutive month of slowing home price appreciation.
Denver, which for years had a sizable lead over the U.S. as a whole, is now seeing annual home price gains running closer to the pack at 3.4 percent.
Phoenix took over the top spot after pushing aside Las Vegas in June, while Seattle, which had led the country in recent years for price appreciation, continues to shed value.
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“Home prices in Seattle dropped for the third month in a row, while San Francisco inches closer to seeing its first home price drop since 2012,” Ryan McLaughlin, deputy chief economist at CoreLogic, said in a blog post.
McLaughlin is in the camp of those who are counting on lower interest rates to not only push up refinancings but also home purchases. If that happens, then home price gains should strengthen in the second half of the year, he predicts.
