Housing shortage pushes metro Denver buyers toward new homes, but builders can’t keep up
A big shift to town homes continues in metro Denver
Photo by AAron Ontiveroz, The Denver Post
Juan Garcia paints a new home for Brookfield Residential at the company’s development at 67th and Pecos on Thursday, Jan. 25, 2018. Colorado has struggled to supply enough housing to match its growth.
Photo by AAron Ontiveroz, The Denver Post

Metro Denver’s chronic shortage of existing homes for sale will push more buyers towards new home communities this year. But those buyers won’t find much relief from tight supply and rising prices. 

“We expect we will see Denver builders experience a significant uptick in traffic that shows up at their sales office. So few options are available on the resale side,” John Covert, senior regional director for Colorado and New Mexico with Metrostudy, said in a market update Wednesday.
Metro Denver, with a population of 2.8 million, had fewer than 4,000 homes listed for sale at the end of December or January. The average price of a home sold in January topped $490,932, while the median price was $416,000, according to the Denver Metro Association of Realtors.
The average price of a new home sold last year in metro Denver was $560,000. New homes are priced mostly in the $450,000 to $700,000 range, with the under $300,000 pretty much extinct and the under $350,000 getting there, Covert said.
Read the article By  | asvaldi@denverpost.com | The Denver Post

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