Thursday, July 24, 2014

Denver-area home prices exceed pre-recession peak, says Zillow

Home values in the Denver metro area have gone above and beyond their highest pre-recession levels, and are predicted to keep rising, according to the data released Monday by
In addition to exceeding their previous peak, home values are expected to continue their upward trend, growing by 1.8 percent over the course of the next year, from first-quarter 2014 to the same period in 2015.
Nationally, home values are expected to increase by 4.2 percent over the next year.
Not only have home values in Denver returned to their peak, but only three other metro areas surveyed by Zillow Inc. (Nasdaq: Z) have done the same. Austin, Texas; San Jose, California; and Pittsburgh are the only other areas in the country that can make such a claim.
In June, the median home value rose 8.9 percent year-over year to $256,800, and rose by 0.6 percent between the first and second quarters, according to the Zillow Home Value Index. The index measures the value of all homes, not just those sold in a particular period.
Brighton, Commerce City and Wheat Ridge saw the largest gains in home values year-over-year in June, increasing by 14.4 percent, 13.2 percent and 11.7 percent, respectively.
On the other end of the spectrum, Littleton's home values increased 4 percent from June 2013 and Broomfield's increased by 5.2 percent.
The highest home values can be found in Evergreen, at $427,100, while Aurora's homes remain the least expensive at $181,600 in June.
This simply means that it is TIME TO SELL if a homeowner would like to make a nice bonus this year and move into a bigger (or smaller) home.