Housing prices have increased between 3.9 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 home prices increased 4.3 percent between September 2014 and September 2013. Including such so-called distressed sales as foreclosure auctions and short sales in the analysis, home prices increased 3.9 percent during the same span.
In Colorado, the CoreLogic Home Price Index (HPI) for Colorado rose 6.3 percent in September compared to the same month last year. Counting distressed sales, the HPI rose 7.5 percent.
Colorado was among five states in which the HPI reached new highs.
Nationally, the HPI advanced 5.2 percent — 5.6 percent if distressed sales are included — between September 2014 and September 2013. Nationwide home prices have increased on a year-over-year basis for 31 straight months.
All states showed year-over-year appreciation in home prices, including double-digit increases in Michigan and Montana.
CoreLogic also projected that home prices, including distressed sales, will increase 5 percent on a year-over-year basis for October 2014.
“There has been some clear bifurcation in home price growth for lower-end versus upper-end properties in 2014,” said Sam Khater, chief economist for CoreLogic. “As of December 2013, both lower-end and upper-end property prices were up 9.7 percent on a year-over-year basis. As of September, lower-end prices were up 9.54 percent, but upper-end prices were up only 4.5 percent.”
Ananad Nallathambi, president and chief executive officer for CoreLogic, said the pace of increasing home prices appears to be slowing, but should continue.
“Home prices continue to rise compared with this time last year, but the rate of growth is clearly slowing as we exit 2014,” Nallathambi said. “With more positive macro economic trends emerging in the U.S.,we are forecasting moderate price growth for 2015.”
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.