June ‘22 Market Stats - Denver Metro

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

𝘓𝘰𝘤𝘢𝘭⁣

🚚 UHaul says its Colorado teams are seeing a stream of one-way outbound moves this year.⁣

9️⃣ Denver is the nation’s 9th best large city for renters, while 2 neighboring cities are amount the nation’s top 50 according to a report from RentCafe. Denver’s local economy Denver’s local economy was the best performing, and having the 18th highest # of highly rated schools helped boost the Mile High City’s rating.⁣

🏗 Denver City Council voted to change the city’s zoning code to force developers to play a larger role in solving the city’s affordable housing issue. Developers building multi-family projects w/ 10 or more units will be required to create income-restricted housing for households earning between 60-90% of the area median income – currently, between $56-85k for a family of 3.⁣

𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭⁣

📈 Year over year, building material prices are up 19% and have risen 35% since the start of the pandemic.

💚 Green is the paint color of the year for 2022.⁣

💸 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.

🏘 Q2 2022 Home Price Expectation Survey was released highlighting expectations from 110 economists and housing experts. The mean of all the panelists believe the 5-yr average appreciation is 4.8% while the most pessimistic of them say 1.8%, even through a recession. This is above the historical 3.6%. Conclusion? Housing will remain strong.⁣