Home prices in Grand Junction increased more than 8 percent over the past year, according to the latest results of an analysis conducted by a research firm.
Home prices rose 8.5 percent between September 2014 and September 2015. Prices edged up 1.2 percent between August and September 2015, according to CoreLogic. Those gains include such so-called distressed sales as foreclosure auctions and short sales.
In Colorado, the CoreLogic Home Price Index for Colorado rose 10.4 percent for the 12-month period ending in September. That was the largest proportional gain for any state, topping a 10 percent increase in Washington and 9.1 percent increase in Oregon.
Nationally, the CoreLogic Home Price Index advanced 6.4 percent between September 2014 and September 2015.
CoreLogic projected home prices to increase 4.7 percent over the next year.
“After nearly 10 years of very high home price volatility, home price increases have been remarkably stable for the last 15 months, ranging between a 4.8 percent and a 6.5 percent year-over-year increase,” said Sam Khater, deputy chief economist for CoreLogic. “Home price volatility is now back to the
long-term trend prior to the boom and bust, which is a good barometer of the market’s stability and health.”
Anand Nallathambi, president and chief executive officer of CoreLogic, said continued growth in home prices constitutes welcome news for many homeowners, but could make markets overvalued.
“More has to be done to expand inventories if we are going to address the emerging affordability crises, especially in hot markets like California and Colorado,” Nallathambi said.