Category Archives: Colorado

Denver Home Sales Fall as Prices Rise

October 6, 2013
Denver, CO

In the Denver MSA, single-family home sales fell 16% from August to September to 4,730 transactions. Despite the month-over-month drop, sales increased 20% year-over-year. Average sales prices also increased 8% year-over-year to $304,958 in September.

On average, for-sale properties spent 39 days on the market, a substantial decrease from last year’s average of 64 days. Kirby Slunaker, president of Metrolist, summarized the data: “Prices are stabilizing, competition for new listings remains, and inventory increases seem to be steadying the local market overall. All of our data points to a healthy market, which leads us to believe we are experiencing a true housing market recovery.”

Read more at Denver Business Journal.

 

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Denver Home Prices at an All-Time High

August 28, 2013
Market: Denver, CO

Single-family home prices in Denver climbed even further in June, rising 9.4% annually to reach a new all-time high. After 18 straight months of year-over-year home price increases, Denver’s prices are 43.37% above January 2000 levels. During the recent recession, prices fell for 36 consecutive months, culminating in February 2009’s annual decrease of 5.7%.

Across the country, June home prices jumped 12.9% year-over-year on average in the 20 metros that S&P/Case-Shiller index tracks. Las Vegas (24.9%), San Francisco (24.5%), and Phoenix (19.8%)—three real estate markets heavily affected by the recession—registered the largest annual increases.

Read more at Denver Business Journal.

 

Colorado Springs Unemployment Rate Higher than State Average

August 19, 2013
Market: Colorado Springs

Colorado Springs’ 8.4% unemployment rate continues to remain higher than the statewide average of 7.1%. Nationally, the unemployment rate fell to 7.4% in July. The city lost 2,700 jobs from June to July, although year-over-year, it was able to post a gain of 2,800 jobs.

The largest month-over-month job gains in the private sector were in the leisure and hospitality, trade, transportation and utilities, construction, and other services.

Read more at The Colorado Springs Business Journal.

Denver Single-Family Home Prices and Sales Volume Surging

August 5, 2013
Market: Denver, CO

Metrolist Inc reports that Denver-area single-family home sales in July reached 6,104, a 32% increase year-over-year and a 10% jump month-over-month. Although summer usually has more home sales than any other season, the magnitude of the yearly increase is noteworthy. Denver’s housing inventory in July grew to 10,025, a 9% rise from June and the fourth straight monthly increase. The inventory level remains 7% below where it stood in July 2012.

Meanwhile, according to the S&P/Case-Shiller Home Price Index, homes sold for $315,150 on average in July, marking a 9% year-over-year increase.

Read the full article at Denver Business Journal.

Economic Growth Slows, Remains Positive in Mountain Region

August 5, 2013
Market: Colorado, Utah

The pace of economic expansion slowed in Colorado, Utah, and Wyoming in July, as the Business Conditions Index for all three states slid from 58.6 to 55.1. The index is released monthly by the Goss Institute and has a growth-neutral baseline of 50. A breakdown of the index’s criteria is as follows:

  • Employment: hiring fell slightly to 49.4 in July, down from 52.3 in June and 57.1 in May
  • Consumer Confidence: economic optimism dipped to 52.1 in July from 54.3 in June
  • Pricing: the costs of raw materials, slipped to 52.5 in July from 55.9 in June

Read the full article at The Colorado Springs Business Journal.

Five HZ Markets Rank in Top 10 for Multifamily Permitting

August 2, 2013
Markets: Houston, Austin, Dallas, Denver, Seattle

Houston permitted 16,410 multifamily units from June 2012 to June 2013, the second-most of any metro, according to Axiometrics, Inc. Houston’s permitting numbers, which trail only New York City, are a 73% increase from a year earlier. In addition to Houston, four of Hamilton Zanze’s markets ranked in the top 10 for multifamily permitting over the last year: Dallas (11,679 units), Austin (11, 483), Denver (8,563), and Seattle (8,434).

Axiometrics reports that nationwide, rents grew 3.5% from their June 2012 levels, and occupancy increased 41 basis points.

Read the full article at GlobeSt.com.

Colorado’s Business Index Remains Strong

August 1, 2013
Market: Colorado

Colorado’s economy slowed slightly from June to July, falling from 58.7 to 54.8, according to the Goss Institute’s Business Conditions Index. The index rates an economy’s growth potential over the next three to six months on a scale of 0 to 100, based on new orders, production, employment, delivery lead time, and inventories.

Colorado’s economy, which has fallen below 50 in the index only once since 2009, added jobs at twice the national pace during the first half of 2013.

Read the full article at Denver Business Journal.