May 31, 2024 - Real Estate
How much home values increased in Denver and Colorado
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Home prices in Colorado's largest metro area show no signs of falling, despite mortgage rates hovering near 7%.
Why it matters: That's good news if you own your home, and tough if you're a would-be buyer on the sidelines.
Zoom in: The Denver metro saw home prices increase 4.2% year over year through the first quarter of 2024, per the latest data from the Federal Housing Finance Agency.
- Meanwhile, Colorado Springs saw prices rise 0.8% in the same period — and even fall in the first quarter compared to the last quarter of 2023.
Zoom out: Both increases rank toward the bottom among the 100 largest metro areas.
- Statewide, home values increased an average 3.6% through the first quarter.
- Nationwide, prices are up 6.6.% from last year, the FHFA report found.
The big picture: Low housing inventory is contributing to the high prices, said the FHFA's Anju Vajja, in a statement.
- You can thank rate lock for that.