Denver's single-family home construction climbs 7%
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Single-family home construction in metro Denver is up 7% compared to last year, per fresh figures from Federal Reserve Economic Data.
Why it matters: New construction could mean more flexibility and affordability for homebuyers in our tight and pricey market.
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.
Zoom in: For buyers on the hunt, here are four new developments on the Denver market right now:
- Otto Residences (townhomes in University Hills, starting at $699,000)
- Boulevard 8 (duplexes in Jefferson Park, starting at $649,000)
- Federal 14 (townhomes in College View, starting at $575,000)
- 3429 + 3431 Lawrence St. (duplexes in RiNo, starting near $1.5 million)