It’s been a wet and cool spring, but that hasn’t impacted the local real estate market. In just one month, average and median home prices both rose about 2.5% in the Denver metro area, equivalent to a $15k appreciation for a house priced at $580k (which is our median sales price). Despite being ~5-6% down from last year’s peak, given the sluggish start to the spring selling season, it will be fascinating to observe how these numbers evolve later this summer when interest rates begin their march downward.
A new report from Black Knight found that Americans have ~$185k in tappable equity in their homes. Despite enjoying record-low mortgage interest rates and high equity, many Americans are burdened with high credit card debt and skyrocketing auto loans. Add in a drastic increase in property taxes and home insurance for us here in Colorado and you may feel like your living situation has become unaffordable.