Rents Swoon in San Francisco, Other Expensive Cities, TX-OK Oil Patch Y/Y. But 23 Cities with Double-Digit Rent Increases
FOXBUSINESS | The state has become a Top 10 destination for wealthy Gen-Xers and Millenials in recent years, personal finance technology company SmartAsset reported on Friday.
THE SURPRISING REASON BEHIND CALIFORNIA, ILLINOIS, NEW YORK EXODUS TO LOW-TAX STATES
Denver-area contracts contributed heavily to Colorado’s total home sales, while high demand and a limited supply of houses drove up average mortgage amounts, the report found.
“Despite the inventory increase in July, the robust buyer activity continues to consume any and all new listings that are priced appropriately within 30 days of coming on the market,” Denver realtor Karen Levine said in a statement.
GOLF LEGEND LISTS HUGE COLORADO RANCH FOR $40M
She added that the current market is a “challenge for buyers, as they have fewer properties to choose from, competition is fierce and the average and median prices continue to move upward.”
At the same time, the state is experiencing record unemployment rates. Nearly 15,000 Coloradans filed for unemployment for the first time last week, and about 280,800 state residents continue to receive unemployment benefits, The Colorado Sun reported Thursday.
Colorado Gov. Jared Polis extended the state’s $300 individual weekly unemployment benefit for another 13 weeks on Thursday.
“There is a total disconnect with half the economy being crushed and yet, housing has mostly shrugged it all off. Like the stock market. Bad news is good news for both, it appears,” Colorado Springs realtor Patrick Muldoon said in a statement. “The total number of business closings is catastrophic. It is estimated by many that a third of all restaurants are simply not coming back.”
Originally posted by by Wolf Richter, Wolfstreet.com, Aug 3, 2020
Contact AQYRE to see how this and other trends impact your investment strategy:
Joe Hornstein
Principal | AQYRE Real Estate Advisors
Email:Joe@NorthPeakCRE.com Phone:720-738-1944
