Denver-area home prices rose an average of 4.4 percent in April from April 2009, marking the sixth consecutive month of year-over-year gains, shows the closely watched S&P Case-Shiller Home Price Indices released this week.
The 4.4 percent gain was the largest since the trend began in November 2009, when prices were up 0.5% from November 2008. Each month, the percentage gain has grown.
The Denver market, as the nation as a whole, was helped in April as buyers and brokers scrambled to put homes under contract by April 30 to quality for a federal tax credit worth as much as $8,000.
It will be interesting to see if this trend continues as we yank the government support props from underneath the housing market.
The May figures could be disappointing.
|
Metropolitan Area |
Change from January 2000 |
Change from March to April |
1-Year Change |
|
Minneapolis |
18.89% |
1.8% |
9.5% |
|
Los Angeles |
71.78% |
0.7% |
7.8% |
|
Washington, D.C. |
79.49% |
2.4% |
7.3% |
|
Cleveland |
4.77% |
1.4% |
6.8% |
|
Phoenix |
10.05% |
0.5% |
5.4% |
|
Boston |
53.56% |
1.4% |
4.9% |
|
Composite-10 |
57.37% |
0.7% |
4.6% |
|
DENVER |
27.5% |
1.7% |
4.0% |
|
Composite-20 |
44.56% |
0.8% |
3.8% |
|
Dallas |
18.14% |
2.0% |
3.3% |
|
San Francisco |
38.77% |
2.2% |
18.0% |
|
San Diego |
61.39% |
0.7% |
11.7% |
|
Atlanta |
5.64% |
1.8% |
0.2% |
|
Las Vegas |
2.82% |
0.2% |
-8.5% |
|
Detroit |
-32.19% |
0.2% |
-3.0% |
|
Seattle |
44.15% |
1.0% |
-2.8% |
|
Tampa |
37.09% |
-0.5% |
-2.4% |
|
Charlotte |
16.05% |
1.1% |
-2.2% |
|
Chicago |
20.43% |
0.6% |
-1.6% |
|
New York |
68.95% |
-0.3% |
-1.0% |
|
Miami |
45.04% |
-0.8% |
-0.5% |
|
Portland |
46.25% |
1.8% |
-0.4% |
Hidden in the Obama administration’s federal budget outline is a provision to limit the mortgage interest deduction (MID) for many people and have a profound negative impact on the housing market.