Recovery in the housing market continues to hold strong both nationally and locally. Help has been provided from a decline in foreclosures that weighdown on overall prices and A drop in the unemployment rate is also helping to support the housing recovery. Denver once again hit record highs for home prices.
But with mortgage rates significantly higher in recent months, the pace of price increases is slowing. Experts said the slowing of the monthly increase is not necessarily a bad thing, as it will reduce the chance of another bubble in home prices.
"It's good to see the pace of home value appreciation moderate, allowing the market to get back into a more sustainable balance and not topple over," said Stan Humphries, chief economist of home price tracker Zillow.com. "Home value appreciation is better when it's boring, and we expect to see continued moderation."