Guest Article by Jordan Graham
Denver experienced a 7.64% decline in units sold, a reduction of around approximately 4000 homes. Total Denver home sales numbered 47,817.
The average price decreased to $306,307 but this figure represents a 3% increase from a year ago.
Apartment vacancy decreased by 6.7% and rent increased to $866 average.
Homes in foreclosure remain high, with around 16,000 units on the market right now.
Gas prices dropped by about 25 cents per gallon in the fourth quarter of 2006.
Long term fixed interest rates bumped up and down but ended the year remain slightly lower, at 6.18% with 0.400% in fees and points (down from 6.21% with 0.500% in fees and points.)
The Dow Jones Industrial Average closed up 14% higher than year end 2005.
2007
Should be a year with an upswing in home starts, sales and a year of reducing inventories (homes listed for sale on the market.)
Long term fixed interest rates are expected to remain at current levels, with a possibility of a decline in the 2nd and 3rd quarters.
Job Growth - Colorado is expected to add 42,300 jobs in 2007 - a 1.9% increase compared to the national average which should be 1.5%.
By Jordan Graham
Permission to republished by Jordon Graham Copyright 2007
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