California remains the home of the most costly abodes in the U.S., but metro Denver ended 2022 only $4,176 below New York City on the Zillow Home Price Index . And home prices here have left markets like Washington, D.C., Portland, Ore., and Miami in the dust. Denver's ranking on the Zillow HPI ranked eighth-highest out of the 51 metros tracked at the end of last year at $614,979, just behind New York at $619,155 and ahead of Sacramento, Calif., at $582,243. But the Zillow report also shows the housing slowdown is more pronounced in Denver than in many other markets, which could delay when it becomes cheaper to buy a home in New York City than in Denver. "It is true that the most expensive markets and those that were the hottest during the pandemic – and Denver has a foot in both categories – have seen the biggest pullbacks in demand as mortgage rates have risen. Affordability is the main driver of the market cooldown, and areas with less-expensive homes are seeing more activity," said Jeff Tucker, a senior economist at Zillow. The average mortgage payment to support a typical home in Denver, assuming a 20% downpayment, was… Read full this story
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