Published by Fox Business on August 15, 2020
The state reported a monthly record of 10,771 home sales in July alone
As the coronavirus prompts exoduses from New York and California, more and more people are committing to buying homes in Colorado.
The Colorado Association of Realtors reported a monthly record of 10,771 single-family home sales in July— a 21 percent increase year-over-year. The state also saw an 8.6 percent jump in new listings, though the number of single-family home active listings dropped by about 42 percent year-over-year.
Colorado Springs realtor Jay Gupta said in the report that homebuyers “waited on an hour-by-hour basis for the new listings to show up, then competed to win the bidding wars.”
The state has become a Top 10 destination for wealthy Gen-Xers and Millenials in recent years, personal finance technology company SmartAsset reported on Friday.
Denver-area contracts contributed heavily to Colorado’s total home sales, while high demand and a limited supply of houses drove up average mortgage amounts, the report found.
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