The latest Case-Shiller Residential Real Estate Price Index was released today with data for February 2009 (note, this index tracks two months behind the current month). Across the 20 metro areas used for the Case-Shiller Index, all were in a decline for February. According to the report, the bright spot was that the decline for the 10-City and 20-City Composite Index did not set records for the first time in 16 months.
Denver Home Price Performance
Denver home prices continue to perform well relative to the other cities in the Case-Shiller Composite. This past month Denver saw a home price decline of 1.7%, down from 2.7% the month before. On an annual basis, Denver same-home prices are down 5.7%. Interesting enough, this annual decline rate positions Denver in the second best metro area slot for pricing, with Dallas, Texas in the lead with a 4.5% home price decline in the previous 12 months. Only 5 cities, Boston, Charlotte, Cleveland, Dallas, and Denver has price declines less that 10% over the past year. The greatest price declines are in the sun-belt with Phoenix, Miami, Las Vegas, and San Fransisco leading the way.
The raw index score for Denver still indicates the average Denver home value has increased 20% since January 2000.
About the Case-Shiller Home Price Index
The Case-Shiller Home Price Index measures same home sales for single family homes and matches price pairs for sales of the same homes.
It will be interesting to see how this home value index performs over the next few months given the market conditions and programs available to stimulate real estate and home buying activity. As a real estate broker, the low mortgage rates and $8,000 first-time home buyer tax credit may be account for the increased activity we’ve been experiencing lately.
