Home price appreciation in metro Denver slowed to a 4.7 percent annual pace in February, down from a 5 percent pace in January, according to the latest release of the S&P CoreLogic Case-Schiller Indices.
Momentum is slowing across the country, with the national index dropping to a 4 percent annual gain in February compared to a 4.2 percent gain in January. Of the 20 metros tracked, 19 reported a slower rate of increase. Tampa was the exception.
“Slowing U.S. home price growth has primarily been driven by affordability constraints in a few of our largest, most expensive housing markets. And while we’re not in a buyer’s market yet, several Pacific Coast markets are on the cusp of seeing the first annual declines in home prices since 2012,” Ralph McLaughlin, deputy chief economist at CoreLogic, said in comments accompanying the report.
RELATED: In Denver housing market, what was hot is now cold. See where your ZIP code ranks in home prices.
Denver’s gain ranked fourth, in a tie with Atlanta. Las Vegas led the pack with a 9.7 percent increase, followed by Phoenix at 6.7 percent and Tampa at 5.4 percent. Seattle, San Francisco and Portland, Ore., which used to rank ahead of Denver for gains, are now pulling up the rear.
A separate report from the Denver Metro Association of Realtors measured a 2.8 percent drop in the median price of a home sold in February, the first time that had happened since 2012. Prices for single-family homes rebounded 1.6 percent in March.
Case Shiller tracks the change in the price of the same homes over time and is considered a more stable measure than monthly home sales, which can fluctuate based on the mix of homes put on the market in a given month.
Related Articles
-
Post Premium: Our best stories for the week of April 22-28
-
In Denver housing market, what was hot is now cold. See where your ZIP code ranks in home prices.
-
Property values take another leap higher across metro Denver
-
Lakewood’s long-stymied growth control measure going to voters in special July 2 election
-
Denver-metro housing market springs to life in March
