The S&P / Case-Shiller Home Price Indices reported today that through November, the 10- and 20-city composite are up nearly 14 percent over the same period in 2012.

While Dallas and Chicago both posted record increases, Denver was down .6 off its highest level, due to two consecutive months of declines.Even so, with an index level of 146.45 in November, the Denver market is up a respectable 8.9 percent from November 2012.

David M. Blitzer, chair of the Index Committee at S&P Dow Jones Indices, observed that prices typically weaken at that time of the year. And home prices continue increasing, even with the boost in mortage interest rates last May. "Mortgage applications for purchase were up in recent weeks, confirming homebuilders' optimism," Blitzer said. That, combined with the low 1.5% inflation in 2013, "homeowners are enjoying real appreciation and rising equity values."

While housing will make even more contributions to the economy this year, he expects that "the pace of price gains is likely to slow during the year." Read more...