The median price of a home sold in the state of Colorado reached $600,000 in April, leaving outpriced Denver buyers with few alternatives in neighboring towns and metros. Denver has tallied record breaking price gains throughout the pandemic, with the median sold price of a single-family home reaching $660,000 in April, but the rest of the state isn’t far behind, The Denver Post reports.
At the current median sale price statewide, buyers would need an annual income of $166,860 to qualify for a home purchase with a current interest rate of 5.5% on a 30-year loan.
[Colorado Association of Realtors] CAR noted that its Housing Affordability Index (HAI), which looks at mortgage interest rates, median sales price, and median income by county, fell more than 10% again in April. Affordability is now at its worst level since the index launched in 2010. And Denver and Colorado Springs are counted among the top 10 least affordable large metros in the country, according to OJO Labs.
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