Home prices see greatest gain in over 6 years as mortgage rates hit 50-year low

Home prices see greatest gain in over 6 years as mortgage rates hit 50-year low

Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:

National News

+ Home prices across the U.S. are seeing the greatest gain in over six years.

+ A report from the National Association of Realtors found that the pandemic has increased the percent of homebuyers looking for a multi-generational home, that the average purchase price jumped from $270,000 to $339,400, and that a growing percentage of buyers are headed to the suburbs, while less are heading to small towns.

+ Curbed came up with a list of 21 of the easiest home projects to tackle while you’re hunkered down at home this winter, without buying anything new.

+ With the continued presence of COVID-19, outdoor kitchens are growing in popularity.

Local News

+ 30% of Denver homes sold for more than list price (more than 22% nationally), adding nearly $16K to the sale price on average.

+ Josh Gould, VP of Stantec believes there are 5 reasons Denver will be a post-pandemic winner.

+ A new Stay In Place Program has been created to help West Denver homeowners that are struggling to pay their mortgages.

+ Pitbulls are getting a new lease on life in Denver, after voters passed Ballot Measure 2J to repeal the more than 30-year-old breed specific ban.

+ Rental platforms are facing fines as Denver cracks down on unlicensed short-term rentals.

Financial News

+ 30-year mortgage rates have fallen to 2.72%, the lowest rate in the last 50 years. Average rates have been below 3% for 17 consecutive weeks.

 

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