Housing prices have increased between 7 percent and nearly 10 percent in Grand Junction over the past year, according to the latest results of monthly analysis by a California-based firm.
CoreLogic reported that home prices increased 7 percent between November 2012 and November 2011. Including such so-called distressed sales as foreclosure auctions and short sales in the analysis, home prices increased 9.7 percent during the same span.
By comparison, the Grand Junction Area Realtors Association pegged the median price of a residential property at $160,000 in 2012, up slightly from $159,550 in 2011.
According to GJARA, the average sales price of a residential home in 2012 was $180,936, down from $181,509 in 2011.
In Colorado, the CoreLogic Home Price Index (HPI) for Colorado rose 6.1 percent in November 2012 compared to the same month last year. Counting distressed sales, the HPI rose 7.7 percent.
Nationally, the HPI advanced 6.7 percent — 7.4 percent if distressed sales are included — between November 2012 and November 2011. CoreLogic also projected that home prices, including distressed sales, increased 7.9 percent on a year-over-year basis in December 2012.
“As we close out 2012, the pending index suggests prices will remain strong,” said Mark Fleming, chief economist for CoreLogic.
Ananad Nallathambi, president and chief executive officer for CoreLogic, agreed. “For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012. We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.”
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.