Home prices in Colorado and its cities as well as the West region all took a positive turn in June compared with a year ago, according to the National Association of Realtors (NAR).
The region’s employment sector also showed promise in June, with new hires increasing 10.9 percent over June 2011 and layoffs dropping 8.5 percent, the NAR reports.
The Boulder-Longmont area’s median home prices showed the most improvement month-over-month among Colorado cities, increasing 5.82 percent. The Colorado Springs area’s home prices had the second highest increase of 4.59 percent, followed by Denver’s 4.46 percent increase.
On the national level, inventory of for-sale single-family homes, condominiums, townhouses and co-ops declined by 19.35 percent in June 2012 compared with a year ago, and inventories declined in all but three of the 146 markets covered by REALTOR.com.
The median age of the inventory fell 9.67 percent on a year-over-year basis, and the median national list price increased 2.68 percent last month compared to June 2011.
Low inventories, combined with steadily rising list prices, are positive signs that the overall market is gaining traction and is entering a recovery mode, according to REALTOR.com.
The NAR reports many markets that have experienced some of the most significant house-price declines and the highest foreclosure rates since the beginning of the housing crisis are now registering some of the biggest gains, while markets in parts of the Midwest and Northeast are losing ground. The recovery process, which began in Florida last year, is beginning in most major California markets, as evidenced by large declines in inventories and significant increases in median list prices, REALTOR.com reports.
Here’s a look at how Colorado cities measured up compared with the nation for median house prices and listings:
RE/MAX of Boulder, Inc