Colorado homeowners feel stuck in place

Denver metro homeowners spend a median of 9.7 years in their home and most are likely to stay put, according to a recent Redfin analysis of county records.

Why it matters: Elevated home prices and mortgage rates are keeping people from buying their first homes — or moving into new ones.

State of play: Homeowner tenure began increasing in 2022 once pandemic-era moves subsided.

• Many of the homeowners hunkering down are older adults looking to age in place.
• Baby boomers who own homes are often mortgage-free or locked into low interest rates.

The big picture: Nationally, the median homeowner tenure is higher — 11.8 years — than the Denver metro.

• The number is nearly double what it was early this century but down from its pandemic peak, per Redfin.
• The average 30-year fixed rate nationwide was roughly 7% as of yesterday, according to Mortgage News Daily.

What we're watching: A shortage of homes for sale, partly due to homeowners staying put, is keeping prices high.