Large Gains for Denver Real Estate: Year-over-Year Home Value Increase of 10.8%
by Howard Pankratz
The Denver Post
National home values continued an upward march in November with Denver showing a year-over-year home value increase of 10.8 percent, according to the November Zillow Real Estate Marketing Report released Wednesday.
Denver experienced a monthly home value gain between October and November of 0.7 percent, according to the report. Home values in Denver were listed at $225,900.
Zillow said November marks the 13th straight month of home value increases, the largest annual gain since 2006.
Home values were up nationally 5.2 percent compared with last November, the largest gain since August 2006, when home values rose six percent year over year.
Home values nationally stood at $156,200 in November 2012. The last time values stood at the level was May 2004, according to the data.
Only nine cities showed home values higher than Denver.
They were San Francisco, San Jose, Calif.; Los Angeles; New York; Washington, D.C.; Boston, Seattle, Portland, Ore., and San Diego.
The metro areas with the largest monthly gains were Sacramento, Detroit, Las Vegas, San Francisco, Riverside, and Phoenix.
National rents were largely flat month over month, falling 0.1 percent to a Zillow Rent Index of $1,278. Year over year, rents nationwide were up 4.5 percent and rose on an annual basis in 27 of the 30 largest metro areas surveyed.
”The housing market recovery we’ve been experiencing throughout 2012 should continue on its own momentum into 2013,” said Zillow Chief economist Stan Humphries. “Tight inventory, courtesy of negative equity, is running headlong into high demand driven by historic affordability and renewed consumer and investor interest.”
Howard Pankratz: 303-954-1939, firstname.lastname@example.org
Read more: Report: Denver has year-over-year home value increase of 10.8 percent – The Denver Post http://www.denverpost.com/breakingnews/ci_22222318/report-denver-has-year-over-year-home-value#ixzz2FXvWk01Y