According to the latest Case-Shiller report, home prices have been moderating throughout the year, with August's report showing a 7.2 increase over August of 2016. This was the smallest rate of increase found in 35 months, or since October of 2014.
August's growth rate is down from the November 2015 peak of 10.9 percent.
Meanwhile, home price growth in the 20-city index has been largely flat, but slightly growing over the past year — although overall growth is below that found in Denver metro. In august, the 20-city index grow rate was 5.9 percent, which is a six-month high.
While overall growth is outpacing the 20-city sample, we can also see that Denver's index value is now well above where it was during the last peak home-price period of 2006.
The index for metro Denver had peaked at 140 back in August 2006. But now, the index value is 201, up 43 percent from 2006.
The 20-city index, meanwhile, is not even back to its former peak, and is now still down 1.7 percent from where it peaked during August of 2006.
Clearly, home price growth in Denver metro is strong, even when compared to a variety of other large cities throughout the US. This is partly fueled by job growth in general, and specifically by job growth in the energy sector.
Moderation in price growth, however, also reflects a similar moderation in job growth that metro Denver is now experiencing.