Once again local home values profiled favorably when compared to Denver or to other states, at least based on results of the latest Standard & Poor’s/Case-Schiller Home Prices Index survey.
Denver saw a 5.1 percent decline in home values from January 2008 to January 2009, but the single-digit result paled in comparison to the other 19 cities tracked by Case-Schiller.
Nationwide, January prices were down in all 20 metro areas tracked, with 13 markets experiencing the steepest rates of decline since the downturn began two years ago.
Prices fell by more than 10 percent in 14 of the 20 metro areas surveyed, and more than 20 percent in nine. The 20-city composite was down a record 19 percent from a year ago, and 29.1 percent from its peak, as average home prices returned to levels last seen in late 2003, Standard & Poor’s said. Colorado Springs, however, has seen a relatively small change in home values. First American CoreLogic and its LoanPerformance Home Price Index – another residential real estate research company – reported last week that home prices in the Pikes Peak region decreased 5.6 percent in January and just 4.7 percent for December 2008, on a year-over-year basis.
The three worst-performing markets in terms of annual declines were Phoenix (down 35 percent), Las Vegas (down 32.5 percent) and San Francisco (down 32.4 percent). Looking back a year, the best-performing markets were Dallas (down 4.9 percent), Denver (down 5.1 percent) and Cleveland (down 5.2 percent).