To Build or Not to Build?
After 60,000 Colorado construction jobs disappeared during the Great Recession, builders currently face a shortage of workers even though the housing market continues to strengthen. While Denver is one of the fastest growing regions in the country, demand for new homes is actually softening, according to Ben Markus of CPR. Coupled with increased construction costs, banks are hesitant to finance land purchases despite shortage of land.
What does this mean for Denver Buyers? The new home construction market remains just as competitive as the resale market. “According to Metrostudy, the average price of a new single family home has risen to about $450,000.”
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