Construction began on more than 9,000 new homes in metro Denver last year, much of which were high-end, expensive properties. That's according to Metrostudy, which does a lot-by-lot count of new homes in major-market cities like Denver.
But 9,000 new homes isn’t as rosy as it seems.
"We did 20,000 home starts in 2005, so we’re just now getting back to half," said Jon Covert, with Metrostudy.
Still, the growth is welcome news given the region’s fast-growing population. Covert said most new homes were in $400,000 to $500,000 range -- relatively high costs due to government fees, labor, and lots getting more expensive.
"All costs are going up," Covert said. "It’s not that builders don’t want to build product at that lower price point. They just have the inability to deliver it."
Houses priced below $300,000 accounted for just 7 percent of all new properties.