“There seems to be a cooling off that’s taking place right now,” says Colorado Division of Housing economist Kyle McMaken. “But that’s all relative. Home prices are cooling off but they’re still pretty significant."
McMaken says the high demand and relatively short supply of homes in the Denver area is one factor still pushing prices up even after two years of steady increases. He notes that the growth in home prices could slow a bit further with rising interest rates.
Among the other cities in the latest Case-Shiller Index, Las Vegas, San Francisco and Los Angeles saw the biggest year-over-year gains in home prices.