August ‘22 Market Stats - Denver Metro

August’s market data is in!⁣ What you need to know…

𝘓𝘰𝘤𝘢𝘭⁣

🏅2 Colorado cities made US News & World Report’s list of the Top 10 Best Places to Live in the US for 2022-2023. Colorado Springs ranked 2nd and Boulder came in 4th.⁣

💰A new ballot measure that would generate $270 million annually for affordable housing is headed for the Colorado voter review after qualifying for the November 2022 ballot.⁣

🚚Between 2020 and 2021, it is estimated that Denver’s population dipped for the 1st time in 10 years! This is likely related to the remote workers who arrived during the pandemic and then left after the return to normalcy.⁣

💸President Biden’s decision to waive up to $20k in student loan debt will come as a welcome relief to an estimated 771,000 Coloradans who collectively owe $29 billion in student loans. With extra cash in their pockets, will this entice buyers to enter the housing market?⁣

𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭⁣

👨‍👩‍👧‍👦According to the Pew Research Center, in 2021, 25% of 25-34 year old adults were living in a multigenerational household.⁣

👋It is estimated that 250k or more Realtors will exit the market. Consumers are looking for quality real estate experts who can help them with the biggest financial decision they make in their lives, not part-timers whose side gig is real estate.⁣

💸 Mortgage rates are always impacted by inflation; however, June saw that impact amplified as the Consumer Price Index (CPI) 1% month-over-month increase surprised the market and pushed the 30-year mortgage rates from 5.55 to 6.28% in just 3 days. The opposite happened when the PCE inflation excluding food & energy decreases and personal spending was ½ of what was expected. Mortgage rates dropped from 5.9 to 5.5% overnight.

💭According to Niclole Bachaud, senior economist at Zillow, “Falling prices should bring demand back to the marker and pressure prices to go right back up, especially as inventory is stabilizing at a much lower level than the pre-pandemic norm.”⁣