Front Range housing continues to be incredibly competitive regardless of the election, virus, and unemployment.
The indecision in Congress means miniature stimulus, which will force the Fed to keep rates low for longer, but the election had little other economic effect. Locally, Amendment B will trigger a tax increase for every dwelling in the state, but will take time to feel.
The economy is hostage to the virus, and will be for some time. The rising global caseload has many medics leaning toward new shutdowns, but pandemic fatigue will tend to shut down the medics.
For real estate market conditions, better to focus on our local situation, way back before March, and ask which forces are still affecting housing.
First, the Front Range has been deep in a housing shortage since 2013, and still is. Better said, a shortage of developable land. Amendment B might free commercial land for homes, municipalities rezoning away from their hopes for fat commercial revenue in favor of residential growth.
Second, demand for housing is undiminished, even with an economy shut down, indoors, and at close range. The Metro Area in the last 20 years became a top-five center of IT employment, and employers and employees easily shifted to work-from-home. The Covid harm has come to low-income renters locked out of those indoor or close-range jobs.
Third, confine people at home for six months, and any shortcoming becomes intolerable. Got to buy a new one! Mortgages around 3 percent help. And purchasing power is fed by diminished alternatives: cant shop, travel, eat out...
National media are having a grand time saying that we are all moving out of cities to the countryside. And although we are seeing that trend, IT is the center of the US economy, and the center of IT is urban areas where IT can crosspollinate. And where ITers can party! Once we see a vaccine and infections start to fall, my prediction is that cities will supercharge again.