Dive Brief:
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MDC subsidiary Richmond American Homes of Colorado has opened seven new developments in the cities of Aurora, Centennial and Parker, in Colorado.
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The properties range from 1,750 square feet to 3,300 square feet with prices from the upper $200,000s to the $400,000s.
- Amenities include a saltwater pool and private reservoir access at one development, and a neighborhood park at another. The new communities reflect varying homebuyer desires for access to schools and parks, proximity to light commercial areas and general walkability.
Dive Insight:
The openings come as Colorado metros face strengthening demand and population increases, driven partly by a pickup in tech jobs.
In a recent report on the state of Colorado’s economy, Richard Wobbekind, executive director of the Business Research Division at the University of Colorado Boulder, said that an increase in high-paying jobs has put additional pressure on the state’s already-tight housing inventory.
He also forecast home prices to continue rising in the wake of the lingering shortage, which is also being fueled by a lack of construction labor.
Stronger demand for housing has been seen nationwide as more first-time buyers are returning to the market following the recession as credit loosens, while new home construction continues to recover.
Last month, the National Association of Realtors reported that first-time buyers accounted for 35% of home sales this year, which is the highest percentage since 2013 and up from 32% in 2015. It comes as a strong job market and high rents encourage young adults to build equity through the purchase of a home.
But the likely increase of interest rates this month by the Federal Reserve could dampen this growth into 2017.
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