DENVER POST: Housing shortage pushes metro Denver buyers toward new homes, but builders can’t keep up

THE DENVER POST – February 21, 2018 – by ALDO SVALDI

Metro Denver’s chronic shortage of existing homes for sale will push more buyers towards new home communities this year. But those buyers won’t find much relief from tight supply and rising prices.

“We expect we will see Denver builders experience a significant uptick in traffic that shows up at their sales office. So few options are available on the resale side,” John Covert, senior regional director for Colorado and New Mexico with Metrostudy, said in a market update Wednesday.

Metro Denver, with a population of 2.8 million, had fewer than 4,000 homes listed for sale at the end of December or January. The average price of a home sold in January topped $490,932, while the median price was $416,000, according to the Denver Metro Association of Realtors.

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