10 cities where home prices have jumped most
The Denver area, which includes Aurora and Lakewood, has seen price increases of 11.9%, according to a study out Wednesday by real estate site Owners.com, which examined median home prices for single-family, three-bedroom homes from the August-September 2014 period to August-September 2015. That means the Colorado city has had the fastest home price growth out of the 25 cities analyzed by Owners.com, a real estate services website.
(Incidentally, the S&P/Case-Shiller Index showed a 10.7% increase in Denver home prices from August of last year to August of this year, which also made it the fastest growing city in terms of home prices among the 20 cities measured.)
What’s more, this year, home prices in Denver hit a record high, according to data from real estate firm RealtyTrac, which examined home prices over the past 15 years. That growth may not be a good thing for buyers: Real estate analytics firm CoreLogic notes that Denver is one of only 14 markets in the country that is now overvalued, meaning that home prices in the area were 10% or more over the long-term sustainable level (which measures home affordability based on per capita income levels in the area).
Three of the top 10 cities with the fastest home price growth are in Florida, and the Orlando area, which includes Kissimmee and Sanford, is one of them. Home prices in this sunny city have risen 11.6% in the period covered by the study — landing Orlando on the No. 2 spot on this Owners.com list. When you compare this nearly 12% growth to the national average for home price growth — which according to the S&P/Case-Shiller Index is roughly 4% to 5% annually — you can see that Orlando has had a big upswing in the past year.
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