DENVER — A new report says home prices and rent prices are continuing to rise in Denver.
The cost of a 30-year mortgage on the typical U.S. home is now 19.5% higher than it was just three months ago, according to the March Zillow Real Estate Market Report.
The report says rising mortgage rates and home prices are not stopping the housing market from slowing. The typical home in Denver is now worth $627,072 — up 24.3% year over year.
In Denver, the monthly payment on a typical home is now $2,445 (assuming a 30-year mortgage with a 20% down payment). Zillow said that is 20.9% higher than the start of 2022 and 42.2% higher than a year ago.
The Denver housing inventory in March grew 30.5% from February, but remains 4.6% lower than a year ago, said Zillow's report. Newly pending sales are up 19.1% from February but down 13.7% from last year.
Zillow's March report says the typical monthly rent is $1,905 in Denver and rents are up 15.7% year over year.
"Higher mortgage rates were anticipated this year, but the speed of their rise has been breathtaking," said Jeff Tucker, Zillow senior economist.
"Record low mortgage rates had been an affordability lifeline during the pandemic, keeping monthly payments in check even while prices climbed quickly. March was the biggest test yet of whether enough buyers can meet the new asking prices to keep home values growing at a record pace, and the answer was ‘So far, yes.’ There will be a point when the cost of buying a home deters enough buyers to bring price growth back down to Earth, but for now, there is plenty of fuel in the tank as home shopping season kicks into gear."
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