After years of depreciation, reports indicate that Colorado Springs home prices are on the rise again.
Colorado Springs home prices increased by 1.9 percent year-over-year in February, according to a report from research and analytics firm CoreLogic. That figure includes the sale of distressed properties.
Removing the sales of properties in various stages of foreclosure or that were sold through short-sale agreements with the lenders, sales prices in Colorado Springs rose more than 3 percent in February, according to CoreLogic data.
Colorado Springs bucked national trends, where home prices continued to slip. Including distressed properties, sales prices dropped 2 percent from their February 2010 levels.
However, if distressed properties are excluded, home sales rose 0.7 percent from January to February.
“The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months,” CoreLogic president and CEO Anand Nallathambi said in a statement.
While the news nationwide was luke warm and the news in Colorado was good, five states saw strong appreciation in February, including West Virginia with an 8.6 percent gain in sales prices, Michigan with 5.8 percent, Florida with 4.7 percent, Arizona with 4.5 percent and South Dakota with 4.1 percent appreciation.
Among those, Arizona, Florida and Michigan saw some of the biggest price drops from the peak, all over 40 percent and some near 50 percent.