Corelogic's home price index for Colorado increased year over year for the fifth month in a row during June 2012, increasing to the highest growth rate seen since the beginning of the recession in 2008.
Colorado showed a 6.2 increase during June 2012. The June HPI report, released today by Corelogic, shows the national HPI rising by 2.5 percent, year over year.
Annual declines have been common since 2009, although the trend in declines was interrupted briefly by the homebuyer tax credits which created some annual gains in the HPI in Colorado and nationally from late 2009 to mid-2010.
The annual increase in the Colorado HPI of 6.2 percent during June mirrors to a certain extent other home price indices, such as the Case-Shiller index and the FHFA's expanded house price index. Indeed, the Case-Shiller index for May 2012 (the most recent data available) showed the fifth positive year-over-year increase in 21 months, with an increase of almost 4 percent.
The CoreLogic HPI shows that, nationally, home prices have fallen more than prices in Colorado and that Colorado prices are increasing at a faster rate.
In the June report, only 6 states reported larger year-over-year increases than Colorado. The states with the largest increases were Arizona and Idaho with increases of 13.8 percent and 10.4 percent, respectively. The states with the largest declines in the home price index were Connecticut and Alabama with drops of 4 percent and 4.8 percent, respectively.
The DBJ reports that the Denver metro area is up 7.2 percent over this period.