March data has been rough. Housing Starts were down almost 9% month over month in March and the February 18.7% blow out gain for Starts was revised down to 11.7% month over month. Building Permits were also down in March, by almost 2% and the unexpected February gain was revised down to a 0.7% decline. Most concerning were single-family starts which were down 10% year over year and a staggering 17% month over month. This is the biggest drop in almost four years. Adding to the gut punch, single-family permits were also down. Three of four regions posted declines and… Read moreNational Price Growth Lowest Since September 2012, Denver’s Home Prices Lagging Behind the US Average
In the past ten years, the U.S. has seen a dramatic increase in the number of high-income renter households, from 3.8 million in 2008 to 5.7 million in 2017. Nowhere has this surge been seen more than in Denver. Denver and Austin lead the nation in high-income renter growth. These metros housed nearly 2.5 times more six-figure renter households in 2017 than they did in 2008.
Month over month, prices in the Denver Metro area reversed the trend, by rising 1.27% for median and 1.11% for average residential prices. Year over year the pace of the housing price increases slowed with the average residential prices rising by only 0.66% and the median residential prices falling 1.23% from February 2018.