Housing prices have increased between 2.9 percent and 4.3 percent in Grand Junction over the past year, according to the latest results of monthly analysis by a California-based firm.
CoreLogic reported that Grand Junction home prices rose 2.9 percent between October 2014 and October 2013. Including such so-called distressed sales as foreclosure auctions and short sales in the analysis, home prices increased 4.3 percent during the same span.
In Colorado, the CoreLogic Home Price Index (HPI) for Colorado rose 7.3 percent in October compared to the same month last year. Counting distressed sales, the HPI rose 8.6 percent.
Colorado was among the five states with the highest home price appreciation and among nine states in which the HPI reached new highs.
Nationally, the HPI advanced 5.6 percent — 6.1 percent if distressed sales are included — between October 2014 and October 2013.
Nationwide home prices have increased on a year-over-year basis for 32 straight months, although the nationwide average no longer reflects double-digit increases.
All states showed year-over-year appreciation in home prices, including double-digit increases in Michigan and South Dakota.
“Home price growth is moderating as we head into the late fall and is currently running at half the pace it was in the spring 2014,” said Sam Khater, chief economist for CoreLogic. “However, there are still pockets of strength, especially in several Texas markets as well as Seattle, Denver and other markets with strong economic fundamentals,” Khater added.
Anand Nallathambi, president and chief executive officer for CoreLogic, said that by the middle of next year, home prices in more than half the country will reach or surpass levels last seen at the height of the housing bubble.
“The gradual recovery of the housing market continues to be propelled by improving employment, more buyer and seller confidence, continued low rates and, in certain parts of the country, investor demand,” Nallathambi said. “The continued actual and projected rise in home prices confirms that fact.”
CoreLogic provides a range of information and services to business and government clients. The firm bases its HPI on Multiple Listing Service data measuring price changes.