With the unprecedented growth in the Denver metro area over the past couple years, it was only a matter of time before home prices in the Mile High City jumped over the $500,000 mark. According to
Denver Trails Portland And Dallas For Increasing Home Prices
According to a recent report from Zillow, Denver home prices jumped 11.3 percent in July 2016 from July 2015, putting the Mile High City third in the nation for rising home prices.
Portland and Dallas were the only two cities with higher prices than Denver, coming in at 14.7 percent and 11.9 percent, respectively, year-over-year gain. Nationally, the average home price increase came in at 5.1 percent.
Other report highlights include:
Nationally, July marked the 48th consecutive month of home prices rising.
The median price of a Denver-area home was $339,600, making Denver the most expensive housing market between the East and West Coasts.
Home prices in Denver were 72.7 percent higher than the national median home price of $196,600.
Low housing inventory is playing a key role in the real estate climate in Denver. According to Svenja Gudell, chief economist for Zillow, in most areas the market is being driven mainly by a strong labor market and tight supply, especially among entry-level homes that first time buyers are after.
“Some markets are adding more jobs and attracting more residents, putting the pressure on home values and rents,” she said.
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....
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