Denver home prices notch 34 months of gains

Photo: S&P home prices
Data from the SP Case Shiller Home Price Index shows the percentage that home prices have risen over time.

Home prices in Denver hit a new record in October, and have now risen for 34 consecutive months, according to the S&P/Case-Shiller Home Price Index. Since May 2013, Denver homes have set a price record each month.

Over the last three years, Denver home values have risen by nearly 30 percent, according to the S&P/Case-Shiller Home Price Index. The last time there was a similar sustained growth was in the late 1990s and early 2000s.

And renters in the Denver metro area spent 10.8 percent more for their housing this year compared to last year, reported the Denver Post.

Denver Mayor Michael Hancock told Colorado Matters that affordable housing is critical to the city's identity.

"Having grown up in the city ... I have the audacity to believe that if you want to live in Denver you should be able to find a decent, affordable place to live," Hancock said.