The latest FHFA Q3 data is out for Boulder County and it tells the story of a changing, cooling market. For the first time since the second quarter of 2012, the Boulder County MSA saw negative appreciation from one quarter to the next logging a negative .58% appreciation rate from the second quarter to the third quarter of 2017. This leaves Boulder as one of only 26 MSA’s across the country to see negative appreciation when compared to the previous quarter.
Now, before everyone gets too concerned, do realize that the FHFA HPI data is constantly being revised and what shows up as a negative quarter today may well be adjusted back into positive territory with the next Q4 data release at the end of February 2018. While Boulder has fallen towards the bottom of the 253 MSA’s when it comes to quarter to quarter appreciation, we still remain 57th for annual appreciation and number one for appreciation since 1991. This negatively appreciating quarterly number does show though that the market is changing. Here’s the chart for annual appreciation rates.
Both Denver and Boulder show decelerating, yet still positive, annual appreciation rates in the chart. Interesting that Denver is decelerating less sharply than Boulder which is likely due to better affordability in the Denver MSA. Hope everyone has a wonderful holiday season.