Fast growth seen in area home prices

DENVER – Home prices continue to climb in the Denver metro area, reaching values not seen since 2007, according to one of the major national indexes tracking home sales. The increase is reflected in the Boulder area.

The Standard & Poor’s Case-Shiller Home Price Indices, released Tuesday, showed steady growth around the nation.

The report found the price of existing homes in the Denver metro area has increased 6.7 percent in the past year, which is stronger growth than the 3.6 percent growth for the nation.

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The local and national indices use a repeat sales methodology, which measures the movement in the price of single-family homes by collecting data on actual sale prices. The latest sale price is compared with prior prices. The difference is then converted into an index, with 100 representing the value of a home in January 2000.

The index value for Denver at the end of the third quarter was 134.01, which slightly lags the national value of 135.67.

Local measures of home sales prices compiled by the Boulder Area Realtors Association reflect the emergence of a seller’s market. Median sales prices for Boulder County are up 6.8 percent on a year-to-year basis, and reached $379,500 at the end of the third quarter. In the city of Boulder, the median sales price hit $570,000, a 5 percent increase from last year.

In Broomfield, growth was slower, increasing 1.6 percent to $325,000.