The rest of the country has finally caught up to Denver: Nationally, home prices have finally passed the record highs set in July 2006, according to the Case-Shiller national index. Denver however, passed that threshold nearly three years ago.
But this national recovery is still pretty uneven, as David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices explained in this month’s release:
“While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms — Miami, Tampa, Phoenix and Las Vegas — remain well below their all-time highs.”
Meanwhile, Denver’s home prices are still rising. In fact, the city is only behind Seattle and Portland when it comes to year over year gains for the past eight months.
That includes post-recession gains in the value of starter homes, trade-up homes and luxury homes, according to Trulia:
But if all these rising prices have you feeling like homeownership is moving further and further out of reach, Zillow has some good news for you. After surveying the housing experts in their Rolodex, the company is predicting that a buyer’s market is coming in 2018 … or 2019.
“As the number of homes for sale increases and home value appreciation slows, we expect the market to meaningfully swing in favor of buyers within the next two to three years,” said Zillow Chief Economist Dr. Svenja Gudell in an email.
Alright, just two or three more years to go then.