For almost three years now, home prices in Denver have been on a continuous climb, according to the S&P/Case-Shiller Home Price Index. In September, those prices prices reached a new high.
Home prices were up 6.2 percent in September compared to last September. That’s the smallest gain since August of 2012.
To create its average price, the S&P uses a three month moving average that combines July, August, and September prices.
The slower price growth should be good news for potential buyers after two intense summers of big price jumps, according to Justin Knoll, president of Madison and Company Properties.
“They just got really tired, it was almost exhausting for a lot of buyers; multiple offers, having to go over list price on your offer if you want to be considered,” says Knoll. “A small, gradual reduction in pricing is a very healthy thing.”
However, Denver's prices are continuing to outpace other cities tracked by S&P. Prices in the top 20 US cities only increased 4.9 percent year-over-year.