Latest FHFA Home Price Appreciation Numbers

The latest FHFA House Price Index (HPI) data came out for the First Quarter of 2018 and I thought I’d spend some time on those stats.  You’ll see in the chart below that the Boulder County MSA, the metro Denver MSA and the State of Colorado are all off their peaks in appreciation as our market shows some deceleration. Overall, the US is still showing increasing appreciation. It’s important to note that even though appreciation is slowing, it is still positive, with Boulder County still experiencing 8.25% appreciation over the last 12 months.

The Boulder MSA remains very strong compared to the other 245 ranked MSA’s across the Country as you can see in the chart below. As I’ve noted before, when you look at appreciation since 1991, our local MSA’s remain very strong, placing First, Second, Sixth and Thirteenth. Here’s a table showing how the different areas rank. It is interesting to note that the 10 metro County Denver MSA is showing stronger appreciation than Boulder County in the shorter timeframes. Since the Denver MSA has an overall lower price point than Boulder County, I think they continue to experience more of the  frenzied appreciation we’re seeing occur on the lower end. Overall as a State, Colorado ranks second or fourth in the individual time frames.

 

  1 Quarter 1 Year 5 Year Since 1991
Boulder 2.21% – 56th 8.25% – 68th 62.56% – 28th 390.93% – 1st
Denver 2.37% – 47th 10.18% – 28th 69.09% – 16th 349.19% – 2nd
Ft. Collins 1.84% – 82nd 7.98% – 75th 58.40% – 34th 316.16% – 6th
Greeley 3.50% – 15th 12.63% – 5th 70.13% – 15th 274.76% – 13th
 
Colorado 3.37% – 4th 10.63% – 4th 62.75% – 2nd 355.99% – 2nd

 

Surprisingly from our local perspective of a hot market, the HPI report still shows MSA’s across the country that are experiencing depreciation. Not everyone has been having the appreciation we’ve been experiencing since 2012. Of the 345 total MSA’s across the country, 19 have had negative appreciation over the last year or last 5 years. Still some scattered parts of the country that have suffering home prices.

Two other items of note from the FHFA HPI report. The rebound in national prices has now easily surpassed the peak in 2006 before the national downturn.  We also finally have every State showing positive annual appreciation, but the rates vary from 0.9% to 13.7%. I hope everyone had a great Memorial Day!

Posted on June 21, 2018 at 3:53 pm
Michael Malec | Category: Uncategorized

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