Pent up demand and a lack of inventory catapulted the single-family home price average up to a record $601,863 which is 7.68% higher than June and 9.92% higher than July 2019. Pending home sales in July was down slightly from June’s record but still 27.07% higher than July 2019. We should expect to see another big month of closings in August. Below are more highlights from the report. DMAR
- Schools in Aspen, Vail and Crested Butte are reporting record interest and enrollment as part-time residents relocate to their vacation homes and urban buyers flock to mountain retreats.
- The Federal Open Market Committee (FOMC) opted to leave interest rates near zero at the end of July. According to RISMedia, the Fed will continue to monitor the markets but, as of now, is not even considering raising rates until it is confident that the economy has recovered from recent events.
- Washington, Colorado and Texas are the states where wealthy millennials are moving the most, a new study by SmartAsset has found. Millennials under the age of 35 making more than $100,000/year and making a move to another state, favored states in the West or South.