What is causing soaring home prices in Denver right now? This is the question on many would-be buyers’ minds. In June, the average home price in Denver was $366,419 — the highest in Colorado state history. The Denver City Council has spent significant time trying to find solutions to the shortage of affordable housing. (Recently, The Denver Post reported that Mayor Michael Hancock wants to raise $15 million a year to subsidize projects as part of a much larger plan.) But how did we get here? My wife and I asked our real estate agent, Trish Hopkins of RE/MAX, the same question. As we sat down to coffee, expressing our woeful prospects of ever finding a house we could afford, Hopkins said at least one problem is obvious. Inventory. She told us the average number of houses on the market for the Denver area is around 12,000 at any given time. Right now, it’s less than 3,500. With Colorado’s population boom, it just comes down to math. So...Read More
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