Despite the fact that all but one of its seven metro areas ranked in the top 50 percent of 391 cities nationwide in terms of home-price appreciation in the fourth quarter of 2011, Colorado’s rank among states fell from sixth in the third quarter to 32 in the last, according to the Federal Housing Finance Agency’s House Price Appreciation Rates index.
In fact, several Colorado cities saw an actual increase in home prices in the fourth quarter of last year compared with the previous quarter and one metro – Fort Collins/Loveland – saw a year-over-year increase from the fourth quarter of 2010, as well. And if they didn’t see an increase in home prices, most metros saw less of a decrease compared with the previous quarter as well as the previous year.
Apparently many metros throughout the nation are seeing a similar shift, since Colorado’s metros’ house prices didn’t improve enough to get most of them in the top 100. Three Colorado cities fell in the index rankings: Grand Junction, which dropped two places to 299 and remained in the bottom 20 for home-price appreciation nationwide; Denver-Aurora-Broomfield fell from 114 to 123; and Greeley fell from 87 to 107.
The rest of Colorado’s metros’ all moved up in the ranks, but none did as well as Fort Collins/Loveland, which jumped from 58 in the third quarter of 2011 to sixth in the fourth quarter with a one-year appreciation rate of 1.49 percent and a 1.10 percent increase in home price compared with the third quarter. Boulder was the second-highest ranking Colorado metro, coming in at 57 out of 306 (compared with 71 for the third quarter) with a home-price decrease of 0.75 compared with a year ago, and an increase of 0.63 percent compared with the third quarter of 2011.
Pueblo made the most improvement, going from a rank of 228 with a one-year appreciation of -6.14 percent, to a rank of 143 with only a 2.61 percent drop in house prices over the year.
The national appreciation rate falls between the states ranked 30 (Arizona) and 31 (Kentucky).