Denver Single-Family Home Construction Climbs 7%
Fresh data from Federal Reserve Economic Data reveals a 7% increase in single-family home construction in metro Denver compared to the previous year. This uptick holds significance as it suggests the potential for enhanced flexibility and affordability for homebuyers within our constrained and costly housing market.
According to Axios,
State of play: Mayor Mike Johnston is attempting to overhaul the city’s building department — which has struggled for years to improve its lengthy permit-approval process — and shorten permitting time by 30% this year.
- Johnston says a lack of affordable housing is “maybe the most important issue Denver is facing.”
The big picture: Nationwide, single-family home construction is down year-over-year, but it’s grown 30% from March 2020 to March 2024, per FRED data.
- Yes, but: Construction isn’t evenly spread. Salt Lake saw a bigger increase than most of the country. But in New Orleans, for example, activity is down by nearly half.
The intrigue: Some new-build communities are offering lower mortgage rates, an enticing deal as rates touched 7.5% in April.
What they’re saying: New developments in Denver have numerous benefits in the current market, with developers offering permanent rate buy-downs, closing cost incentives, home warranties and more, Milehimodern marketing director Ray Quenneville tells us.
