10,000 new homes expected in Denver this year as builders kick into overdrive

Real Estate

10,000 new homes expected in Denver this year as builders kick into overdrive

The cost of a new home in metro Denver now averages $503,768

New home starts in metro Denver were up 47 percent in the first quarter from a year earlier, Metro study reports

Metro Denver home construction revved up in the first quarter, reaching a pace not seen since before the last recession, according to a report Wednesday from Metro study.

Builders in metro Denver started 2,413 new homes in the first quarter, up 3 percent from the fourth quarter and 47 percent higher than the first quarter of 2015. New housing starts are running at a pace about 26 percent faster than a year ago, on track to end the year with about 9,869 homes built.

“Demand is very strong in Denver and builders are pressed to get homes started and delivered as quickly as possible,” said John Covert, director of Metro study’s Denver market, in the report.