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June 2022 Denver Real Estate News Recap

Denver Real Estate News - July

+ Business Insider ranked Denver as one of five cities well-positioned for continued price growth. Between out-of-town buyers driving up prices, the city’s desirability for those seeking second homes, and its central proximity are some of the reasons driving up the cost of housing in Denver.

+ Annual home price appreciation in the Denver metro area topped 23% in April for the second month in a row, the highest gains since 1986. Thankfully there are signs of deceleration ahead.

+ Redfin reported that 46.9% of Denver home sellers lowered their asking prices in May. Denver had the third highest percentage of sellers lowering their asking price in the country (only Provo, UT, and Tacoma, WA were higher). Selling your home? Plan to lower your expectations from a few months ago.

June 2022 U.S. Real Estate News Recap

U.S. Real Estate News - July

+ Many experts believe this housing downturn is nothing like the last one. Higher credit scores, record amounts of home equity, lower mortgage debt, less risky loans, and lower mortgage delinquencies are all factors that show today’s housing market is much healthier than the one we saw 15 years ago.

+ Pending home sales broke a six-month streak of declines in May, but the Chief Economist of the National Association of Realtors believes the increase will be short-lived. 

+ Check out these high-return items to focus on first if you’re wanting to sell your home quickly in today’s cooling market. 

June 2022 Real Estate Finance News Recap

Real Estate Finance News - July

+ The rapid rise in mortgage rates has finally paused and 30-year fixed rates are hovering around 5.7%, for the week ending June 30th. 

+ Even with a cooling market, young buyers are increasingly turning to parents to help them purchase a home, whether with a downpayment, co-signing on a loan, or buying a property outright. 

+ The cost for materials to build an average size home increased 42% (or $35,000) from 2018 to 2021. The good news? Lumber prices are coming down.

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