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Denver builders are picking up the pace

The demand for housing in Denver area is high as more people move to Denver for better opportunities

and this makes house hunting increasingly more difficult. Thankfully, more houses are expected to be

built this year. Metro Denver home construction has picked up its pace since the first quarter of 2016.

According to property management companies in Denver area, 2,413 new homes were built in the first

quarter, 3% higher from the 4 th quarter of 2015 and 47% higher compared to the first quarter of 2015.

An estimated total of 10,000 homes will be built before the year ends.

John Covert, the director of Metrostudy’s Denver market mentioned that the increased demand in

housing has motivated builders to construct more homes and complete the construction as soon they

can. The cost of a new home in Denver averages at $503,768 whereas last month, the average price of

an existing house costs $398,663.

Covert stated that the construction of 10,000 homes is encouraging and notable but it still falls short of

the demand. There is a high influx of new residents in Denver due to better work opportunities coupled

with historical low interest rates has attracted a wide range of people.

Although there are efforts to increase the supply of housing in Denver, the demand for housing below

$400,000 is still high. An average household is on the hunt for houses less than $400,000. Covert

remains optimistic and expects that builders will be able to respond to the demand by building

townhouses, condos and suburban homes under $400,000.