Home prices in Denver continued their streak of increases in July, reaching an all-time high for year-over-year gains, the S&P CoreLogic Case-Shiller Home Price Index reported on Tuesday.
Denver’s home price index increase of 21.3% made it one of the seven U.S. cities to post their highest 12-month gains. The other cities were New York, Boston, Charlotte, Cleveland, Dallas and Seattle, according to the index.
On the whole, the West was sizzling. Phoenix, San Diego and Seattle had the highest year-over-year gains among 20 cities. Phoenix leads with 32.4%; San Diego was second at 27.8%; and Seattle was third at 25.5%.
“July 2021 is the fourth consecutive month in which the rate of house price growth has set a record,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI, in a communicated.
The 19.7% increase in domestic prices from July 2020 was the biggest annual gain in more than 30 years, Lazzara said. It was also the 14th consecutive month of price acceleration.
In Denver, house prices rose 1.8% from June to July. The seasonally adjusted monthly gain of the national index was 1.5%.
“We previously suggested that the strength of the US real estate market was due in part to a response to the COVID pandemic, as potential buyers move from city apartments to suburban homes. The July data is consistent with this assumption, ”Lazzara said.
As for rental housing, the trend also remains on the rise. Rents rose 2.7% in Denver from August through September, according to a monthly survey by Apartment List, an online marketplace. Rents jumped 16.5% from the same period a year ago.
The median rent in Denver is $ 1,501 for a one-bedroom apartment and $ 1,839 for a two-bedroom apartment, compared to the national average of $ 1,275. September was the eighth consecutive month that rents rose after falling in January.
Statewide, rents were 17.2% higher than in September 2020, Apartment List said. Rents have increased across the metropolitan area. The fastest growth was in Parker, where rents rose 22.1% from the previous year.
The city in the metro area with the most expensive rents is Lone Tree. The median rent for a two-bedroom residence is $ 2,482. Arvada has the lowest median rent in the metro area at $ 1,653 for two bedrooms.