For the ninth month in a row, metro Denver home sale prices rose in October compared to a year earlier, according to the CoreLogic Inc.’s home price index (HPI) report Tuesday.
Home prices in the Denver-Aurora-Broomfield metro area increased 9.2 percent in October from a year earlier. Those numbers were for all sales, including REO, or distressed, properties.
Month to month, October prices rose just 0.1 percent from September, likely due to a seasonal slowdown.
The HPI for resales excluding distressed homes stood at 8 percent in October compared to October 2011. That was also an increase over September’s HPI (excluding distressed properties) of 7 percent compared to the same month a year earlier.
That’s the ninth consecutive month the metro Denver HPI has risen year-over-year.
Nationally, the HPI has increased for eighth consecutive months.
“The housing recovery that started earlier in 2012 continues to gain momentum,” Mark Fleming, chief economist for CoreLogic, said in a release. “The recovery is geographically broad-based with almost all markets experiencing some appreciation. [Coastal] and energy states continue to experience the most robust appreciation and some judicial foreclosure states are even recording increasing prices.”
Nationally, the HPI including distressed units stood at 6.3 percent in October compared to October 2011 — the biggest increase since June 2006 and the eighth consecutive increase in home prices nationally on a year-over-year basis.
CoreLogic research shows that all but five states are experiencing year-over-year price gains.
Statewide, Colorado’s HPI rose 7.3 percent in October from a year earlier, including REO property, and 6.1 percent excluding distressed homes.
CoreLogic (NYSE: CLGX) data include resales of single-family houses and condos. The Santa Ana, Calif.-based company provides consumer, financial and property information and analysis to business and government.
“We are seeing an ongoing strengthening of the residential housing market,” Anand Nallathambi, president and CEO of CoreLogic, said in a release. “Reduced inventories and improving buyer demand are contributing to stability and growth in home prices, which is essential to the long term health of the housing market and the broader economy.”
The CoreLogic report is one of several popular measures of home prices, using different methodologies, covering different housing types and geographic areas, and giving different results.
The latest S&P/Case-Shiller Home Prices Index, released Nov. 27, said Denver area home prices in September reached their highest level in nearly five years.