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S&P: Denver existing-home prices declining less than most cities
(Denver Business Journal) - Prices of existing homes in the Denver area dropped 1.7 percent in February from the previous month, better than the average 2.2 percent decline in 20 major U.S. cities, Standard & Poor’s reported Tuesday.
And when compared to the previous February, Denver’s existing-home prices fared better than all but one of the 20 cities compared in the latest monthly S&P/Case-Shiller Home Price Indices report.
Denver existing home prices dropped 5.7 percent between February 2008 and February 2009. The 20-city average year-to-year decline was 18.6 percent.
Denver’s 1.7 percent price decline in February from the previous month followed a 2.7 percent drop in January, a 1.5 percent decline in December 2008 and a 1.1 percent decrease in November 2008, S&P said.
The only cities with better records in S&P’s February month-to-month comparison were San Diego (down 1.0 percent), Boston (down 1.3 percent), Seattle (down 1.5 percent), and New York and Charlotte, N.C. (each down 1.6 percent).
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