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Mountain West Real Estate Investment Market Report: December 2020

construction trends

In the first quarter of 2020, the construction industry added more than $900 billion to the U.S. economy. Then, we saw the effects of COVID-19, which caused the construction industry to lose $60.9 billion in GDP and approximately 6.5 million jobs. This disruption led to trends like remote work and social distancing, as well as higher construction costs, shifts in resources, and cash flow disruptions. Still, despite the uncertainty of the times, some trends seem to be rising to the surface as we close out the year. Here are five construction trends you will want to pay attention to.

Five construction trends for 2021

Market Activity

Denver, CO
Market Overview

Denver’s housing market remains strong. Buyers and sellers broke new records in October, driven by low-interest rates. The market remains a seller’s market, especially with homes in the $300,000 to $399,000 price range, making it more difficult for buyers to compete. In the third quarter, the Denver metro area saw a 2.4 percent growth in the number of homes sold. Recently, Denver was named the second-best city in the U.S. to live in by U.S. News & World Report.

1,432
Homes Sold
$499,900
Avg. Home Price
$1,608
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
5.0%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
6.4%
State Unemployment Rate
Metro Area Unemployment
Boulder, CO
5.2%
Colorado Springs, CO
6.0%
Denver-Aurora-Lakewood, CO
6.5%
Fort Collins, CO
5.1%
Grand Junction, CO
5.7%
Greeley, CO
6.2%
Pueblo, CO
7.8%

Market Activity

Salt Lake City, UT
Market Overview

Low interest rates combined with businesses moving out of high-cost areas like California have made Utah a popular housing market. This has resulted in a 12.8 percent increase in home prices, and a 3 percent increase in rent compared to last month. Year-over-year new single-family home sales grew by 43.2 percent in September. Zillow predicts that home prices will rise by 5.3 percent by August 2021.

419
Homes Sold
$410,000
Avg. Home Price
$1,220
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
4.8%
Rental Vacancy Rate
0.1%
Homeowner Vacancy Rate
4.3%
State Unemployment Rate
Metro Area Unemployment
Logan, UT-ID
2.4%
Ogden-Clearfield, UT
3.4%
Provo-Orem, UT
3.1%
Salt Lake City, UT
4.1%
St. George, UT
4.1%

Market Activity

Dallas, TX
Market Overview

Housing inventory remains low in many major cities across the U.S., and Dallas is no exception. Over the past year, Dallas home values grew by 5.3 percent, and experts predict they will rise by another 7.1 percent over the next 12 months. In addition, Dallas-Fort Worth/Arlington-area home values have increased by 5.5 percent over the last year. Forecasts show that supply and demand dynamics will likely push prices up over the next 12 months.

1,077
Homes Sold
$369,000
Avg. Home Price
$1,228
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
9.9%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
8.1%
State Unemployment Rate
Metro Area Unemployment
Abilene, TX
4.9%
Amarillo, TX
4.4%
Austin-Round Rock, TX
5.1%
Beaumont-Port Arthur, TX
10.0%
Brownsville-Harlingen, TX
9.5%
College Station-Bryan, TX
4.6%
Corpus Christi, TX
8.4%
Dallas-Fort Worth-Arlington, TX
6.1%
El Paso, TX
7.2%
Houston-The Woodlands-Sugar Land, TX
7.7%
Killeen-Temple, TX
6.1%
Laredo, TX
7.8%
Longview, TX
7.5%
Lubbock, TX
5.1%
McAllen-Edinburg-Mission, TX
10.5%
Midland, TX
8.1%
Odessa, TX
11.4%
San Angelo, TX
5.9%
San Antonio-New Braunfels, TX
6.3%
Sherman-Denison, TX
5.1%
Texarkana, TX-AR
6.0%
Tyler, TX
6.0%
Victoria, TX
7.4%
Waco, TX
5.4%
Wichita Falls, TX
6.0%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com. 

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