The number of homes for sale in the Denver metro area set a record in the month of May, with an all-time high of 26,103 homes available. The median home prices also hit a new record, with the average price of a single-family home in Denver at $275,879, which is up 2.6% from May 2002. The average price for a condo also rose comparably to $174,382. (Denver Post, May 28, 2002).
In May, home mortgage rates dropped for the eighth time this year, bringing them down to lows not seen in 40 years. The rates are fueling large numbers of refinances and allowing new homeowners to enter the field. The low rates are also serving to keep home prices elevated. (Rocky Mountain News, May 30, 2003).
In April, the Colorado unemployment rate jumped up 0.3 percent to 6.0%, which is its highest level in more than ten years. This was the biggest monthly increase in over a year. According to the Colorado Department of Labor and Employment, there were 147,200 Coloradoans looking for jobs in April. (Rocky Mountain News, May 31, 2003).
The Commerce Department reported that correspondingly, consumers who are worried about jobs reduced their spending in April by 0.1 percent. Consumer spending was forecasted to increase. (Rocky Mountain News, May 31, 2003).
There are signs that the economy is starting to improve, with the Dow and NASDAQ moving up and manufacturing indexes also starting to inch upward. Colorado regional stock performance for the period of April 28-May 12 was led by Vitesse Semiconductor, Carrier Access Corp., Sun Microsystems, Lightbridge, and Array Biopharma. (Boulder County Business Report, May 16, 2003).
The largest employers in Boulder and Broomfield counties are a familiar group, as can be seen in the attached table that lists the top ten in number of employees. (Boulder County Business Report, May 2, 2003).
Employer - # Employees
Although there are indications manufacturing is up there are no strong indications the companies will significantly increase hiring in the near future.
