Bradley Eich

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A Unique Housing Market

Posted On: August 12th, 2023 6:57PM

 

Nationally and from Chief Economist of National Association of Realtors: "Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines. Moreover, we are seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs. Home sales are trying to recover and highly sensitive to changing mortgage rates. Yet, multiple offers on starter homes are quite common, implying more supply is needed to fully supply demand. Its a unique housing market."

 

I agree, a unique market. A $500K mortgage went from $2350 to $3250 per month. You would think this would soften prices substantially. Perhaps initially, but the lack of home inventory has helped maintain prices while sellers at times receive over asking price in certain locations. For Denver and Jefferson county combined, average sales price compared to original list price this year is 99.6%. Average sales price last year for Jan-April was $730, This year $705K. Days on market 14 to 32. A more balanced market than in years past.

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