Denver, CO
Nine in 10 Denver area homes lost value in the past year, Zillow reports
Metro Denver is leading the country for the share of homes that have lost value over the past year, with 9 in 10 homes down in price compared to only half nationally, according to an analysis from Zillow.
About 91% of metro Denver homes lost value in the past year compared to 53% nationally. Denver edges out other once-hot metros like Austin, with 89.5% of homes down in value and Phoenix, with 86.9% down the past year.
Home prices have bounced around in a narrow band since the peak in June 2022, making it hard to discern the overall trend. Overall, Denver home prices are about 10% below the peak, matching the average decline measured nationally, Zillow said.
“Denver’s home values were growing in 2024, so it’s natural to see a bit more giveback now. What stands out more is the depth of the losses. The average Denver home has lost about the same as the national average, while Austin’s average drop is more than twice that,” said Mischa Fisher, Zillow’s new chief economist, in an email.
While nearly all Denver homeowners have lost equity, those losses are mild and very much in line with what homeowners across the country are experiencing when measured from the peak, he said.
If the declines accelerate, however, the situation could prove problematic for first-time buyers who bought near the top, especially if they made only a small down payment and are forced to sell.
The Zillow Home Value Index for metro Denver, which includes both homes and condos, peaked at $592,969 in June 2022. Last month, its index reported a value of $530,699. That represents a decline of $62,270 or 10.5%.
In Colorado, the average commission that a seller pays is 5.65% of the sales price, which would mean about $30,000 that needs to be covered. Someone who bought a typical home at the peak and sold last month would be down about $92,000, not counting other closing costs.
Back in 2022, the average down payment a first-time buyer made was 6%, according to the National Association of Realtors. And someone using a 30-year mortgage might pay down principal by about 5% or 6% in the first three years. It isn’t 10% because the bulk of monthly payments in the earliest years of a mortgage go to cover interest.
Vulnerable buyers, however, represent a small share of the overall market. The volume of activity or turnover has slowed down since the peak, and of the homes that do sell, only a quarter to a third are claimed by first-time buyers. Depending on where they bought, when they bought, and how much they put down, even those buyers might still have equity.
“Absent a major hit to the economy, most of today’s paper losses will likely have turned into profits down the road when recent buyers sell,” predicted Fisher.
Another way to look at the stress on a specific housing market is what share of homes are being listed below the last price paid. From that viewpoint, Denver’s market is still in good shape.
About 6.3% of homes in metro Denver are being listed below the prior sales price, which compares to 3.4% nationally, according to Zillow. The metros with the biggest shares of homes being discounted are San Francisco, 14%; Austin, 13%; San Jose, Calif., 9% and San Antonio at 8%.
In 2019, 0.6% of homes sold below the prior sales price in Denver, compared to 5.9% nationally. That measure has improved nationally but deteriorated locally. Building equity looks like it will be more of a slog for buyers who started down the home ownership trail late in metro Denver, and they will need to watch their footing. But patience will still be rewarded, Fisher argues.
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Denver, CO
Police searching for information after fatal assault in Denver
Denver police are looking for information that could help them identify the suspect in a fatal assault overnight.
Officers were called to the scene in the 9700 block of E. Hampden Avenue around 2:08 a.m. They said an injured man at the scene was taken to a hospital for treatment, but he has been pronounced deceased.
DPD says they’re investigating the case as a homicide. They did not provide the identity of the man who was killed or further details on the case.
Police encouraged anyone with information about the attack or the possible suspect(s) involved to contact Metro Denver Crime Stoppers.
Denver, CO
Richard Jackson Obituary | The Denver Post
Richard Jackson
OBITUARY
Richard E. Jackson, affectionately called “Jackson”, was beloved by his family, friends and colleagues. He passed peacefully surrounded by his wife and children. He was receiving exceptional medical care at City Park Healthcare and Rehabilitation Center at the time of his death. A devout Catholic, he received his Last Rights from Fr. John Ludanha of Blessed Sacrament Church and School.
He earned a Bachelor’s degree in Economics from Gannon University and a Master’s degree in Education from the George Washington University. For over 30 years, he was employed by the federal government, mostly as an analyst for the Social Security Administration (SSA). Other positions he held were: Beneficiary Services Specialist, Division of Medicare, Health Care Financing Administration; Public Affairs Specialist for SSA; and Management Analyst SSA Office of Management and Budget. After he retired, he was a consultant to the State of Colorado Center for Medicare and Medicaid Services.
Jackson was a devoted father, step-father and foster father. He would take over the kitchen and cook spaghetti and meatballs, a family favorite, and then transport children to gymnastics practice and friends’ houses. He had a remarkable sense of humor, bringing joy and laughter to his home. He adored his wife and would leave her weekly love notes in drawers around the house. Exercising at the Denver Athletic Club, taking walks with his wife, and reading the New York Times were three of his favorite activities. He was born in Westfield, New York. His parents were Canadian immigrants. He was the youngest of eight children.
He is survived by his wife, Joycee Kennedy; his children – Kimberly Jackson (Mike Estes), Dawn Jennings (Ed Jennings) and Kevin Jackson; his stepchildren – Cary Kennedy (Saurabh Mangalik) and Jody Kennedy (Christopher Thompson); his grandchildren – Elizabeth, Chase and Drew; his step grandchildren – Kadin, Kyra, Bryce and Sena; and his first wife Madonna Smyth.
Services will be held at Blessed Sacrament Church – the time and day to be announced.
Denver, CO
Students push for statewide
Students from across the Denver metro are heading to the state Capitol to push for free after-school opportunities statewide.
The proposal would create a “My Colorado Card” program, giving students in sixth through 12th grades access to cultural, arts, recreational and extracurricular activities throughout the state.
For students like Itzael Garcia, Denver’s existing “My Denver Card” made a life-changing difference. He said having access to his local recreation center helped keep him safe.
“We had a couple stray bullets go through our living room window, we had people get shot in front of our house, different things like that,” Garcia said. “Over the summer, being able to go to the public pool, it provided a space for us to all come together. In a way, it acted as a protective factor.”
The My Denver Card provides youth ages 5 to 18 with free access to the zoo, museums and recreation centers. For some, like Garcia, it has served as a safe haven.
That impact is why students involved with the nonprofit FaithBridge helped craft legislation to expand a similar pilot program to communities outside Denver.
“We really just thought that inequity and really distinct opportunity deserts for students was really important for us to correct,” said Mai Travi a junior at Thomas Jefferson High School. Another student echoed that sentiment.
“We have a lot of students in the program that come from Aurora Public Schools, and they don’t have access to the same cultural facilities that we have living here; opportunities that really define our childhood experiences,” said Jack Baker, also a junior at Thomas Jefferson High School.
Vernon Jones, director of the nonprofit FaithBridge, said organizers are still working out logistics but hope to partner with counties across Colorado.
“This is a strategy to work for all of Colorado,” he said.
Denver school board member Marlene De La Rosa said the My Denver Card program has been impactful since its launch in 2013.
“For students that are on free and reduced lunch, the ‘My Denver Card’ can help scholarship some of their fees to participate in the youth sports at the recreation centers,” De La Rosa said.
Last year, 45,000 Denver youth had a card, accounting for 450,000 visits to recreation centers, outdoor pools and cultural facilities, she said.
“I think it is very beneficial,” De La Rosa said.
The Denver program is funded by city tax dollars approved by voters in 2012. The proposed statewide pilot would instead rely on donations and grants.
The bill has cleared its first committee but still needs approval from the full House and Senate.
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