Annual home price gains in metro Denver are continuing to deaccelerate rapidly, but not as sharply as in other Western markets like San Francisco, Seattle, Phoenix and Las Vegas, according to a report Tuesday from S&P CoreLogic Case-Shiller Indices.
“Housing market conditions deteriorated considerably at the end of 2022 as mortgage rates hit a 20-year high in November, wiping out a considerable portion of homebuyers’ purchase power. As a result, the November CoreLogic S&P Case-Shiller Index continued to cool off posting a 7.7% year-over-year increase, marking the seventh straight month of slowing home price growth and the slowest increase since September 2020,” said Selma Hepp, chief economist with CoreLogic, in comments on the report.
San Francisco became the first of the 20 metro markets tracked to roll over on an annual basis, with prices down 1.6% year-over-year as of November. Seattle is barely hanging on with a 1.5% gain. Pandemic boomtowns like Phoenix, Las Vegas and Seattle are seeing some of the biggest decelerations, Hepp said.
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