Existing-home prices in the United States rose 13 percent last year, according to the Office of Federal Housing Enterprise Oversight.

Colorado home values, by contrast, rose 6 percent, ranking the state 44th on that measure.

Over the past five years, Colorado home values have risen 28 percent, compared with 57.7 percent gains averaged nationally. Prices more than doubled in California, Hawaii, Nevada and Florida.

While such fat gains might generate envy among local homeowners, Colorado's more modest performance isn't necessarily a bad thing, observers said, especially if housing markets suffer a slowdown this year.

"Six percent is better than inflation, and it can cover the sales commission," said Mike Rinner, a senior analyst with the Genesis Group in Englewood.

A large inventory of homes for sale continues to keep downward pressure on the Denver metro market, which saw 2005 appreciation of 4.5 percent.

Boulder, Greeley and Fort Collins lagged the state average in 2005, even registering price declines in the fourth quarter over the third quarter.

Grand Junction and Colorado Springs, in contrast, were the strongest Colorado cities in terms of home-price appreciation. Grand Junction had a 13.8 percent gain, and Colorado Springs rose 7.7 percent.

The report shows that Colorado shares more with its slow- growing neighbors to the east than its mountain neighbors to the west, which lead the nation in housing gains and job growth.

The mountain states led all regions in the country last year with an 18.8 percent home-price appreciation, led by Arizona, which was first in the nation with a 34.9 percent jump.

Although Colorado is seeing respectable job growth again, it lags its mountain neighbors, said Vectra Bank Colorado