Home prices up 10.8% in Colorado - Inside Real Estate News

Highlights:

• Colorado ranked No. 11 by CoreLogic.
• Colorado showed 10.8% jump in April.
• Distressed properties appreciating more than market-rate homes.

Single-family home values in Colorado rose 10.8 percent on a year-over-year basis in April, according to a report released today by CoreLogic.

Ten states ranked higher than Colorado, according to the report by the Irvine, Calif.-based real estate data company, which tracked homes including and excluding distressed properties.

When distressed properties were excluded, Colorado showed a 10.5 percent increase. A recent March report by Case-Shiller shows a 9.8 percent year-over-year increase.

Overall, Colorado trailed the national percentage gain of 12.1 percent and 11.9 percent, respectively, for sales including and excluding distressed properties.

Nevada led the nation, with a 24.6 percent year-over-gain when distressed properties were included and a 22.6 percent increase excluding distressed properties.

?What this says, again, is that the state of Colorado, overall, is showing a good response to the housing market,? said Gary Bauer, an independent real estate broker, who releases his own analysis of Metrolist data for the Denver area on a monthly basis.

?We are showing double-digit appreciation, and overall, this shows how positive our housing market is in the state,? Bauer said.

However, he said he is glad that Denver is not ranked at the very top of the states.

?At this point of time, we don?t want to be ranked No. 1, 2 or 3,? Bauer said. ?That is just too high. It is is not good for the market to see home prices rise so much, so quickly. It hurts affordability.?? During the Great Recession, distressed properties dragged down the overall market, but now are seeing bigger percentage gains than non-distressed properties.

?Distressed properties, by their very nature are more volatile,? according to a CoreLogic spokesman.

?They fell further and lagged in recent gains,? he continued. ?Now as that the market is rebounding and people are looking for bargains, distressed properties have had more appeal and their gains have outpaced non-distressed.? Remember, they fell further, so a bounce back will be more pronounced.?

The overall 12.1 percent gain was ?impressive? and a ?surprise to the upside,? according to Mark Fleming, chief economist for CoreLogic.

?Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20 percent or more,? Fleming said.

?The pace of the housing market recovery quickened in April as home prices rose across the U.S.,? said Anand Nallathambi, president and CEO of CoreLogic.

?For the second consecutive month, all 50 states registered year-over-year home price gains excluding sales of distressed homes,? Nallathambi said. ?We expect this trend to continue, bolstered by tight supplies and pent up buyer demand.?

State	1-year change, single-family, including distressed homes	1-year change, single-family, excluding distressed homes.
National	12.1%	11.9%
Nevada	24.6%	22.6%
California	19.4%	18.3%
Arizona	17.3%	15.3%
Hawaii	17.0%	13.3%
Oregon	15.5%	13.6%
Georgia	14.5%	11.8%
Idaho	13.2%	16.4%
Washington	13.2%	13.9%
Utah	12.0%	12.9%
Wyoming	11.9%	12.1%
COLORADO	10.8%	10.5%

Source: CoreLogic

Have a story idea or real estate tip? Contact John Rebchook at? JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

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Source: http://insiderealestatenews.com/2013/06/home-prices-up-10-8-in-colorado/

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