Realtor@ Insights:
Sellers who experienced hail damage should make timely claims and hire insured and licensed roofing companies to make repairs, Realtors@ can help connect homeowners to trusted local professionals.
Local News:
- Annual inflation in Metro Denver for May was reported at 5.1 percent down from 5.7 percent in March. Metro Denver is experiencing higher inflation levels than the nation, which reported year-over-year price growth of four percent. In June, the Federal Open Market Committee (FOMC) paused its schedule of interest rate increases as price increases stabilize around the country but is expected to raise rates again in July.
- Residential building activity is recovering after a dip during the first few months of the year. In May, 2,394 residential units were permitted in the Metro Denver region, up 1.3 percent from May 2022, and up 18.0 percent from April 2023. Multi-family units drive the rebound, which year-to-date increased 10.6 percent to 5,965 units permitted in 2023.
- Retail sales in Metro Denver, which includes food service, grew by 7.8 percent in the first quarter of 2023 over the same period last year Retail sales grew fastest in Douglas County. which reported an increase of 24.7 percent. Statewide, total retail sales grew by 6.8 percent. It is important to note that while this data does not control for inflation, both Metro Denver and Colorado reported sales growth above the rate of inflation.
National News:
- As we head into summer. investors are becoming increasingly conservative. With interest rates uncertain, money is not flowing as freely as it used to.
- The U.S. Supreme Court blocked Biden’s plan to cancel $430 billion in student loan debt. More than half of student loan borrowers with defaulted loans reported that the debt stops them from affording a home.
- 91 8 percent of U.S. homeowners with a mortgage have an interest rate below six percent. 82.4 percent of mortgagees have a sub-five percent rate, 62 percent have a sub-four percent rate and 23.5 percent have a sub three percent rate.
- As the total number of U.S. homes for sale dropped six percent from last year-the largest decline in 13 months -there are 39 percent fewer homes for sale now than in June 2018.
- AllTheRooms, which provides short-term rental analytics, sounded the alarm on the impending collapse of the AirBnB market as revenue was down by 40 percent, hinting at an imminent wave of inventory and forced fire sales. AirBnB has come forward to dispute the claims stating revenue was down by a mere three to four percent.
- Four hundred chief investment officers, equity strategists, portfolio managers and CNBC contributors who manage money believe stocks have entered a new bull market, and the U.S. economy will skirt a recession in 2023.
- June was the third consecutive month of year-over-year national home price decline after a 131-month streak of record increases, according to the National Association of Realtors@.
- First-time buyers comprised 28 percent of home sales in May, a slight decrease from 29 percent in April but an increase from 27 percent in May 2022.
- A new survey from the National Association of Realtors@ shows that asubstantial demand for walkability persists for Americans of all ages.
- Homeowners spent $337 billion on new home improvements and repairs in 2020, $368 billion in 2021 and an estimated $427 billion in 2022.
- Sixty percent of homeowners did not use a contractor for their home remodeling projects in 2022.
Source: https://www.dmarealtors.com/