Presidential debate location choices highlight disparity in housing market recovery
Prior to the first presidential debate that occurred on October 3 in Denver, many speculated on the level of attention that would be given to the housing market. A recent article in The Huffington Post highlighted the significant housing differences in each of the three debate cities - Denver, Long Island and West Palm Beach.
People looking at real estate in Denver, CO can rest assured that the local "housing market is twice-blessed relative to the rest of the country." The Post detailed that the affects from the housing bust were moderate in Denver, citing data that showed home prices falling only 8 percent. In fact, the Denver housing market ranked No. 19 among the 100 largest metros for home prices, demonstrating that the number of vacant and foreclosed homes in Denver was modest. The source revealed that Denver's current vacancy rate sits at 2.5 percent and its foreclosure rate is 10.6 per 1,000 units, both lower than the majority of large metropolitan areas.
The source additionally cited industry data that ranked Denver No. 7 for housing markets with the fastest asking-price gain in August. Additionally, Denver's construction level ranks No. 15 for the 100 largest metros, according to the Post.
A recent article in the Denver Business Journal cited three industry reports that all conclude that 2012 shows sales activity that hasn't been observed in years. One report indicated that the number of homes sold in September increased by 18 percent year-over-year, which is particularly impressive due to the fact that September usually sees a drop in home sales as the seasons change. Another industry study cited by the Journal put the average number of days homes spend on the market at 64 days, which is down from 105 days in September 2011.
Comparing Denver with the other two cities chosen - Long Island, New York, and West Palm Beach, Florida - there are significant differences. For the percent annual change in asking price, Denver's 8.9 percent rivals West Palm Beach's 10.4 percent change, ranked No. 4 among the 100 largest metros. Long Island comes in at No. 54 with a 1.3 percent change. Denver's housing market climate could be taken to indicate that economic recovery helps the housing market, and a recovery in the housing market assists economic recovery.