DENVER – A new report that looks at housing data shows Colorado has among the top four housing appreciation rates in the country over the past year.
The data, compiled by information company CoreLogic, shows that Colorado had the nation’s third-highest overall home price appreciation rate between July 2015 and July 2016. At 9.3 percent, its appreciation rate trailed only Washington (10.2 percent) and Oregon (11.2 percent).
Even when factoring out “distressed” properties, which include foreclosures, Colorado ranked fourth behind Washington, Oregon and West Virginia.
The rates handily beat the national average of a 6 percent year-over-year change.
In the Denver metro area, the change was even higher than the state average – at 10 percent. CoreLogic considers the housing market here “overvalued” and attributes the rise in appreciation due to continuing low mortgage rates and high purchase rates.
That being said, the report predicts appreciation will continue for at least the next year. Its models show a forecasted 5.9 percent increase over the next year.
It predicts home sales will reach a new peak level in October 2017.