The Standard & Poors/Case-Shiller Index for July 2008 (we’re not late with this, it was only released September 30th) has the Denver housing market with a slight increase in home values for the third straight month. This Index varies from others that compare all home sales in a month period since it compares same-home sales. Or it measures the values of sales on the same properties over a period. The increase from July/June was .8%, slightly less than the June/May increase of 1.5%. While good news, this isn’t a definitive sign of a change in home values, which are still down 4.7% from the previous year, the third least decrease in the entire Index.
The Case-Shiller Index rates 20 housing markets across the country and also has a Composite-10 and Composite-20 Index which are indexes combining the markets. The Composite-20 this month is down .9% over last month and down 16.3% over the previous year. Other cities with increases over the past three months are: Atlanta, Boston, Dallas, and Minneapolis.
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