Uptick in Denver home prices rivals most expensive cities in United States
Home prices in Denver have risen at the fastest pace of any city in the country, according to S&P Dow Jones Indices.
The sign stands outside a new home that sits unsold in an east Denver neighborhood in May 2007. Sales of new US homes surged in June by the the fastest pace since February 2007.
David Zalubowski/AP/File
Data released for June 2015 show that home prices continued their rise across the country over the last 12 months. Denver leads, recording the fastest-growing house prices, according to S&P Dow Jones Indices.
The figures revealed that property values rose 10.2 percent in Denver, followed by San Francisco and Dallas where house prices grew 9.5 percent and 8.2 per cent respectively. Chicago recorded the smallest gain, just 1.4 percent.
According to the report, Denver is the only city with a double digit increase, and Phoenix and Detroit had the longest streaks of year-over-year increases. Phoenix reported a 4.1 per cent in June 2015, the seventh consecutive year-over-year increase while Detroit recorded 5.7 per cent, the sixth consecutive year-over-year increase.
“Nationally, home prices continue to rise at a 4-5% annual rate, two to three times the rate of inflation,” David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices said in a statement. “While prices in San Francisco and Denver are rising far faster than those in Washington DC, New York, or Cleveland, the city-to-city price patterns are little changed in the last year.”
According to the National Association of Realtors, sales of new US homes surged in June by the fastest pace since February 2007. The association attributed the rising prices to strong sales have been lifting prices.
The Commerce Department said last week that US builders started work on single family homes in July at the fastest pace since late December 2007, the month the Great Recession began.
The booming job market in the Mile High City may be driving growth in home prices. As the Wall Street Journal recently reported, Millennials are flocking to Denver for its healthy business environment.
Denver also ranks No. 1 on Forbes’ 2015 list of the best places for business and careers.
This report contains material from the Associated Press.