Housing markets show continued signs of strengthening according to reports released on Wednesday. The National Association of RealtorsÂ® reported that sales of pre-owned homes rose to 5.49 million in June as compared to Mayâs revised reading of 5.32 million pre-owned homes sold and expected sales estimated at 5.42 million sales. Expectations were based on Mayâs original reading of 5.35 million sales. Juneâs reading was the highest since February of 2007. Readings for existing home sales are calculated on a seasonally adjusted annual basis.
Summary: Relocating to different cities in CO is often motivated by the cost of home prices. People don’t necessarily move out of their home town because they’re undesirable, but because they’re able to find better prices elsewhere.
Many people are looking to buy homes: not across the street, not somewhere else in town, but in other parts of the country. The motivator for this is that there are significant differences in the median prices for home sales in different parts of the US. After all, the median prices for homes varies a great deal from one market to another. This is not a result of the places being undesirable.
In fact, many of the places with excellent values in home prices are very desirable. In these attractive cities, the lower prices are more about the local economy, the cost of living, and the availability of homes for sale.
Popular Cities For Relocation
A study done by REALTOR® identified the most popular cities that people search for when looking for a new home in another area that is different from where they currently live.
The median home price in the US is $248,800.
Areavibes ranks American cities based on a livability score that considers many factors, which include the cost of living, crime, school, employment, and amenities. The livability score is a scale that goes up to 100.
Related: Housing Market Forecast
Here are the top choices in the order of their popularity for searches and median home prices along with their livability score:
- Aurora, CO – Median home price is $363,800. The livability score is 66.
- Craig, CO – Median home price is $196,100. The livability score is 63.
- Firestone, CO – Median home price is $430,100. The livability score is 77.
- Sterling, CO – Median home price is $179,000. The livability score is 65.
- Wellington, CO – Median home price is $361,200. The livability score is 69.
Cost Of Living
The cost of living is a big factor that impacts the quality of life for the average person. The cost of living includes the cost of housing, groceries, transportation, health care, utilities, and other goods and services. The national standard for America’s cost of living is set at 100.
The cost of living index in each city is a number that is higher or lower than 100. Higher figures than 100 represent a percentage higher than the national average. Lower numbers than 100 are cities that cost less than other cities in America.
Here is the cost of living index for these popular cities:
- Aurora, CO – 171
- Craig, CO – 104
- Firestone, CO – 110
- Sterling, CO – 85
- Wellington, CO – 124
These are all great cities to live in. For those who have the option to relocate and to get a better price when buying a home, these should all be considered as decent choices.
Have Questions About Mortgages?
Do you have questions about mortgages? We can help. Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Oregon, Colorado, and Idaho. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have mortgage-related questions.