Denver home prices continue to rise with reports out on January showing a 9.2% rise in 2013 home sales over 2012. According to the Case-Shiller Index, this marks 13 consecutive months of year-over-year gains in the metropolitan area. This report also marks the highest increase since the housing bubble burst.
The Denver Post reported that the study also showed that the 20 cities nationally tracked showed an average gain of 8.1% which is really positive news for the nation.
On the flip side, the National Association of REALTORS reported that buyers are feeling the sense of urgency from the rising prices and with news that mortgage rates are expected to follow suit soon, the race is on to purchase a home in the current conditions, which are most ideal. Also creating a rush for some is the FHA mortgage insurance premiums that will rise on April 1st.
The 30-year fixed mortgage rate averaged 3.65% this week, a slight rise over the past weeks.