Recent research indicates that the housing market for the Denver Aurora Metro is on the up. Mortgage rates have steadily dropped since the start of the year, motivating home buyers and strengthening the market. In fact, mortgage applications significantly rose the first week of June, indicating a summer boost.
Freddie Mac reported on June 13, the average rate for a 30-year fixed mortgage was 3.82%, the lowest since September 2017 and the start of 2019 where rates averaged 4.51%. In addition to buyers who can benefit from the low-rate currently at hand, many homeowners could benefit as well with a refinance.
The US average for home sales declined for the second month in a row. This is somewhat due to the shortage of affordable homes in many markets and a sign of a slowing economy. However, the housing market in Colorado is looking extremely well. Wallethub recently named Denver, Aurora and Colorado Springs in the top ten of the US large cities to start a business.
In April, the average home price in metro Denver area was a record high of $553,371. The average condo price was $368,565. The lag in home buying for metro Denver is coming to an end as inventory is up 11.4% and sales increased 4.2%. Additionally, buyers will take advantage of the recently lowered 30-year fixed mortgage rate and this will in-turn assist in a boost for the summer months.
Colorado is ranked 2nd nationally overall economically and tied with Hawaii for the lowest unemployment rate. Cost of living and lifestyle are driving factors, especially those who are leaving the west coast at a massively high rate. Denver has one of the best real estate market forecasts for this year, making investment appealing. Tourism for both the summer and winter months are attractive, boosting rental opportunities for those investors.
Whether you are in the market to buy or sell your home, our team is a trusted resource to determine if now is the right time for you and your current situation. The housing market research helps play a role in deciding if this is your time to act, however much more goes into the decision making process and what is best for you. To learn more and to receive a free, non-obligatory evaluation, give us a call @ 720-305-0757.