Freddie Mac released their 2019 economic and housing predictions recently as follows- They expect GDP growth of 2.4% in 2019 and just 1.8% in 2020. Nationally, total home sales will decrease by 1.6% in 2019 and rebound slightly in 2020. Home prices will increase by 4.3% in 2019 and 2.9% in 2020.
The average sales price for July single-family detached homes came to $504,440 and $343,132 for Condos and Town-homes. In my video, I said that the prices decreased by 5K with the overall average. When I took a second look at this data and split it out by single family and condos I noticed that the drop is mostly coming from the condo market, not the single-family market. It will be interesting to see what this does next month… Stay tuned…
The average sales price for November single-family detached homes came to $458,770 and $322,374 for Condos and Town-homes. This is not much different than last month and the overall average continues to stay in the 400K range.
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Minutes released from the Fed’s May FOMC meeting support a possible rate hike in June. However, chances of a September rate hike went down. |
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The average sales price for May single family detached homes came to $483,376 and $319,017 for Condos and Town-homes. This is a steady increase month over month since the beginning of the year. ( Data provided from REColorado for Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree) |
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In my last issue I talked about job growth being one of our factors for the increase in housing prices. With job growth comes population increase, with population increase come housing demand. The US Census Bureau just released population growth figures for the year that ended July 1st, 2016. For that year the City of Denver added 13,028 net new people to its population, now totaling 693,060 people. Denver ranked #13 among large cities for the number of people added. |
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Worried about PMI (Private Morgage Insurance)? I work with a lender that has programs with 3% or 5% down on conventional loans. These programs require NO mortgage insurance by using Freddie’s Home Possible Advantage program with 3% down and their Home Possibly program with 5% down. You do need to make < $80,100 or the property does need to be in an area that is not income-restricted. Call me with questions! HAPPY SUMMER! |
May, 2017
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Pending home sales were down slightly in March, a by product of continuing low inventory and high demand. |
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The average sales price for April single family detached homes came to $471,145 and $312,320 for Condos and Town-homes. This is a study increase month over month since the beginning of the year. (Data provided from REColorado for Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree) |
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In my last issue I talked about the top 5 factors driving our hot housing market. Two of the reasons mentioned were people moving here and job growth. I happen to have a home for rent here in Englewood, CO and after renting this home since 2004 I have never had so many out of state applicants. Many of them flying in for the week to buy or rent in the short week they are here. Although not a representative sample, my everyday life seems to be evidence coinciding with the report I posted last month entitled “Is the Denver Real-estate Market in a Bubble?”. |
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Last but maybe least on my list is a Spring Cleaning checklist. Items I will realistically never get to, but maybe you are more on top of spring cleaning then me! 🙂 Happy Winter (I mean Spring!) |