Denver Housing Prices Continue To Rise

Date: August 28, 2015

Prices Up 10.2% In June, Largest Increase Among 20-City Index

According to the latest data from the Standard & Poor’s/Case-Shiller 20-city home price index, in June US home prices continued to rise. The Wall Street Journal reported that home prices rose by 4.5% for the month across the US, just above the 4.4% average seen in May. Economists in a Journal poll had expected an increase of 5% for June, but the paper noted the data indicate home price gains are stabilizing on average. However, there are some markets where housing prices are soaring. On its website, CNBC reported that Denver, San Francisco, and Dallas saw the largest gains with price increases of 10.2 percent, 9.5 percent, and 8.2 percent, respectively. For the month, Denver was the only city with a double-digit increase. The AP noted that strong housing sales have been lifting prices in all markets, with the National Association of Realtors this month reporting that July existing home sales rose 2% for an annual rate of 5.59 million, the fastest sales rate since February 2007. David Blitzer, chairman of the S&P Down Jones index committee, said, “The missing piece in the housing picture has been housing starts and sales. These have changed for the better in the last few months.”

What This Means For Small Businesses

Denver’s small business owners should be well-aware of rising housing costs, as the trend is not recent. However, the latest housing data show Denver had the fastest-rising housing prices among 20 major US cities this June, a troubling indicator that the market may be heating too quickly. A hot housing market, while good for realtors, can be bad for small business owners, who could increasingly find themselves and their workers priced out of the affordable housing market in the city where they’ve chosen to live and work.

Additional Reading

Forbes, the Los Angeles Times, Reuters, the Christian Science Monitor, and the Washington Business Journal also covered the latest housing data. NFIB previously noted rising housing costs in Denver.

Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.

Related Content: Small Business News | Denver, CO | Economy

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