As the coronavirus prompts exoduses from New York and California, more and more people are committing to buying homes in Colorado.
The Colorado Association of Realtors reported a monthly record of 10,771 single-family home sales in July— a 21 percent increase year-over-year. The state also saw an 8.6-percent jump in new listings, though the number of single-family home active listings dropped by about 42 percent year-over-year.
Colorado Springs realtor Jay Gupta said in the report that homebuyers "waited on an hour-by-hour basis for the new listings to show up, then competed to win the bidding wars."
The state has become a Top 10 destination for wealthy Gen-Xers and Millenials in recent years, personal finance technology company SmartAsset reported on Friday.
Denver-area contracts contributed heavily to Colorado's total home sales, while high demand and a limited supply of houses drove up average mortgage amounts, the report found.
"Despite the inventory increase in July, the robust buyer activity continues to consume any and all new listings that are priced appropriately within 30 days of coming on the market," Denver realtor Karen Levine said in a statement.
She added that the current market is a "challenge for buyers, as they have fewer properties to choose from, competition is fierce and the average and median prices continue to move upward."
At the same time, the state is experiencing record unemployment rates. Nearly 15,000 Coloradans filed for unemployment for the first time last week, and about 280,800 state residents continue to receive unemployment benefits, The Colorado Sun reported Thursday.
Colorado Gov. Jared Polis extended the state's $300 individual weekly unemployment benefit for another 13 weeks on Thursday.
"There is a total disconnect with half the economy being crushed and yet, housing has mostly shrugged it all off. Like the stock market. Bad news is good news for both, it appears," Colorado Springs realtor Patrick Muldoon said in a statement. "The total number of business closings is catastrophic. It is estimated by many that a third of all restaurants are simply not coming back."