Historically low inventory pushes Denver real estate to new levels
Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:
National News
+ While inventory has remained low, 5.64 million homes sold in 2020, the most in the last 13 years.
+ New-home construction activity soars to its highest level in over a decade, as single-family homes drove the growth in both housing starts and building permits.
+ The America at Home Study found that COVID-19 has shifted the motivation to buy a home as well as the trade-offs renters are willing to make to buy a home.
Local News
+ Denver’s widespread broadband access, wage growth, and booming tech industry placed us as the 11th best-performing large city according to Milken Institute. Rising housing costs could hamper our future performance.
+ As the Denver metro area becomes the most expensive outside of coastal areas, first-time homebuyers have a tough time landing their first place. With a 32% decline in available listings between the third and fourth quarters of 2020, the 2% decline in average list price isn’t helping enough.
+ The number of homes for sale in Denver is at 14.9% the average amount for the end of February. This historically low amount is causing listings to sell in a median of five days, compared to 15 days a year ago.
Financial News
+ A majority of mortgage experts predict that rates will continue to rise, although they are still near historic lows. As of February 25th, the 30-year fixed rate mortgage stood at 2.97%.
+ Did you take advantage of low interest rates and refinance your mortgage last year? Find out how it could affect your taxes as you go to file.
