Denver home prices are on the rise. Average residential home sale prices (not including Condominiums) in the City and County of Denver over the last 12 months, according to Metrolist data, are up 18% over the 12 months following the stock market crash of 2008, bringing the average sales price to $280,826.
Across the country, sales of previously occupied homes (the largest segment of all home sales) increased by 11.3% on a year-over-year basis according to the National Association of Realtors. Sales did decrease 3% from the previous month which was close to market expectations.
Inventories declined 2% to 3.48 million units, representing 8.5 months of supply at current sales rates.
“It’s in a holding pattern. When it does break out, it will break out upward, but it hasn’t broken out yet,” said Lawrence Yun, chief economist of the NAR. A separate report from the Labor Department showed that rent of primary residences is up 2.1% on a year-on-year basis. In time, rising rents should help boost sales of homes, Yun said.
Distressed home sales fell from 31% to 30%. All Cash Sales held steady at 30% suggesting continued interest by investors, and first-time home buyers accounted for 32% of the sales.
With the lowest interest rates that you will likely in your lifetime, and prices at the bottom beginning to rise, now is a fantastic time to buy!!!