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3Q11 Starts Indicate Builder Confidence in Denver Market

Metrostudy Report - Denver, CO– November 1, 2011 - The worst appears behind us and the industry is finally beginning to think about the future rather than stay mired in the past, yet it’s still a daily grind to find and close buyers, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

Denver’s current employment estimates indicate that employers continue to add jobs at a very slow place with the addition of +6,600 jobs from last September, which amounts to a 0.5% annual growth rate. This marks the 15th month in a row of positive job formations after 24 consecutive months of losses.

Sales of existing homes were up 13% year-to-year for the month of September following strong July and August sales. “Historically low mortgage rates this summer and more affordable prices were too attractive for some buyers to ignore,” said John Covert, director of Metrostudy’s Colorado division.

1,189 homes were started in 3Q2011, up +41% over last quarter, and up +17% from 3Q2010 when 1,020 homes were started. The 1,189 starts this quarter was the highest count since 3Q2008. “We had anticipated that an increase in starts would come in the second half of the year,” said Covert.

The supply of total inventory is at 7.9 months, which is slightly above its 10-year historical average of 7.5 months, and is within what would be considered equilibrium for total housing inventory of 7-8 months.
“Third quarter starts are up 17% year-to-year. That’s good news. While the percent change is based on a small number, it’s still a good indication that builders have some confidence in starting a few more homes. Metrostudy expects builders to start 10-15% more homes in 2012,” said Covert.

For information contact:
john covert @ 720.493.2020 x 201
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