Colorado Association of REALTORS | REALTOR News
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REALTOR News

Interest Rate Might Let Some Back into the Market

To ease the minds of prospective homebuyers hearing the news of a three-quarter interest Rate hike, CAR Spokesperson Matthew Leprino had an explanation. He said some of the increase was already figured into mortgage rates, which had gone above 6% before the Fed made the announcement and had decreased a small amount the next day. “…as these changes occur, the...

DORA Now Regulating Radon Professionals

Beginning July 1, radon testing professionals will need to be licensed by the Colorado Department of Regulatory Agencies. This recent law came from HB 21-1195 and will have two different licensing programs: one for measurement and another for mitigation. DORA Spokespeople state that the increase in radon levels in Colorado homes created a market for “unqualified individuals who are representing...

LPC and CARPAC Accepting Member Applications through Sept. 15

REALTORS® need a voice in state legislation to ensure that public policy is supportive of a healthy real estate market for today and tomorrow. We encourage you to apply for CAR’s Political Action Committee (CARPAC) and Legislative Policy Committee (LPC) for 2023. The deadline to send applications is Thursday, September 15. More details about the individual committees can be found at...

NAR News for Your Clients

Sitzer/Burnett Class Action Lawsuit Earlier this month, an appeals court rejected NAR’s class certification challenge in the Sitzer/Burnett Case, the lawsuit falsely alleging that sellers are damaged when their listing broker offers to compensate the buyer’s broker. The ruling implies that the case will move forward as a multibillion-dollar class-action lawsuit and is headed for trial in February 2023. The case...

Stanley Cup Win Reminiscent of 2001, Housing Prices Aren’t

According to Denver’s Housing Authority stats from 2001, median-home prices were $233,160, which is also the last time the Colorado Avalanche won the Stanley Cup. Fast forward to 2021’s hockey championship season, CAR’s May Market Trends report shows the statewide median price is $600,0000. In 2001, Nokia-brand cell phones were popular, and Apple produced its first-ever iPod. https://www.denverpost.com/2022/06/13/colorado-avalanche-stanley-cup-2001-pop-culture/ ...

May Market Trends Report Brings Price Reductions and Lower Average Sale Price

Colorado REALTORS® noticed a new turn in CAR’s Market Trends: “I think we hit a peak in late March or early April,” said Aurora REALTOR® and CAR Spokesperson Sunny Banka, who is getting about 25 emails a day about home price reductions. “What I’m paying attention to is how drastically the average price has changed,” said Denver REALTOR® and CAR...

Colorado Sees Home Inventory Growth Despite State’s Affordability Index

The Colorado Affordability Index, made available by CAR, showed a record low of 52 points out of 100. The index compares the median wage for workers to the median home price.  A buyer with a median wage would need to supplement their income by about 48% to afford a home. “Affordability is far beyond what the local population can support,”...

Rising interest rates and inflation fears help pump the brakes on housing market pushing inventories higher and keeping median pricing flat

https://www.coloradorealtors.com/market-trends/regional-and-statewide-statistics/ ENGLEWOOD, CO – Buyer trepidation fueled by rising interest rates and inflation fears continued to contribute to an improving bottom line for housing inventory and helped keep median pricing relatively flat across the seven-county Denver-metro area and in markets statewide, according to the May 2022 Market Trends Housing Report from the Colorado Association of REALTORS®. New listings for single-family homes and...