While they didn’t make the national list, three Denver ‘hoods in Metro Denver made Redfin’s recent hot list. In fact, two are in one popular suburb! So what determines a neighborhood's ?
New Home Sales Reach EightYear High In June
As the economy and job market continues to improve, new home sales are increasing across the country. According to the Associated Press, Americans bought new homes in June at the fastest pace in more than eight years.
Last week the Commerce Department said that new-home sales rose 3.5 percent last month to a seasonally adjusted rate of 592,000, the best level since February 2008. Purchases of new homes have climbed 10.1 percent year-to-date, despite volatile sales on a monthly basis.
The Commerce Department data also indicated:
Low mortgage rates and a healthy job market have lifted residential real estate.
Greater demand and tight inventories have led to rising prices and signs that housing will help overall economic growth.
Affordability remains a problem and the potential of new-home sales returning to their historic average sales rate of 650,000 could be limited.
The market for new houses is roughly just a tenth of the size of the existing-home market, where sales are also rising even as the number of listings are shrinking on a yearly basis.
Whether you’re looking for a new property or an existing home, there are more options in Denver than you may think. Contact Metrowest today to discuss your needs – we’d love to work with you!
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