Prices in the Colorado housing market hit record levels in November 2014 and continued to rise in December, according to recently released statistics from CoreLogic and Denver’s REcolorado.

When it comes to climbing prices, Colorado ranked 2nd in the country in November, showing an 8.8% rise over the previous November, according to CoreLogic, owner of the Case-Shiller index, which tracks housing values across the country. “Only Minnesota showed higher home appreciation than Colorado,” noted Inside Real Estate News in reaction to the report. Colorado’s percentage increase was well above the national average increase that month of 5.5%.

Denver’s housing prices rose from December 2013 to December 2014 by an even higher rate of 11%, according to Metrolist. The average selling price of a single family home that month was $339,636.

CoreLogic’s chief economist, Sam Khater, noted that three of the four states with the highest price appreciation are states that have benefitted from an energy-influenced economy. However, with oil prices dropping, these states (Texas, Colorado and North Dakota) “may see some downward pressure on prices in 2015,” he told Inside Real Estate News.

While higher prices can be scary for buyers, Denver homebuyers can take solace in the fact that the city has managed to avoid the double-digit appreciation experienced by other cities last year.

On the other hand, Denver rents may soon reach that height. Rents are expected to rise more than 20% in 2015, according to a report from RealtyTrac. This would push the city’s rental rates to among the highest in the country. The average monthly rent for a three-bedroom apartment in the Denver area is expected to jump from $1,409 to $1,696, according to the report.

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