While the U.S. homeownership rate has continually increased during the last decade – to 65.5% in 2021 (from 64.7% in 2011) – the Black homeownership rate has not kept pace with increases of other racial groups. Also, people of color endure significant buying challenges throughout and even after their home purchase, according to a report released today by the National...
CAR has become aware of several instances in multiple locations across the state where scammers are reaching out to listing brokers to gain access to listed properties. In the most common scenario, the scammer will attempt to schedule a showing directly with the listing broker while impersonating an active, licensed broker working with a buyer. They will text or call the listing...
After two years of unprecedented growth, the median sales price of a single-family home stayed the same in Colorado but dropped in Metro Denver, though barely. In January 2023, the median sale price was $569,804, down 1.4% from a year ago. Some parts of the state saw an increase in January. In January, the median price of a single-family home in...
As borrowing costs increase, rate dispersion among lenders is growing. Your clients could save up to $1,200 annually by shopping around, experts say. Mortgage rates are inching up, with the 30-year fixed-rate loan increasing to a 6.5% average last week, Freddie Mac reports. Homeownership remains attainable for Americans who can afford a 20% down payment and a monthly mortgage payment of...
CU’s 2023 Colorado Business Economic Outlook report provides mixed forecasts about the housing market, construction, infrastructure, and the labor market. A few highlights from the forecast: Inflation The story for 2022 was inflation. The story for 2023 will be inflation. “But the high rate may have crested; we’re seeing a slowing of price growth,” said Richard Wobbekind, Associate Dean Business and Government Relations...
REALTORS® from the northernmost Colorado counties are still seeing the same number of listings despite other areas of the state, according to October’s Market Trends reports. Statewide, the number of new listings dropped 20% from September to October 2022. There is a different story to tell in Morgan County. The number of days on the market is taking longer, however, the average...
Realtors with big hearts helping veterans one room full of furniture at a time Congratulations to CAR Past President and longtime Colorado REALTOR® Scott Matthias for being recognized as a Denver7 Everyday Hero for his work with Knock Knock Angels, a nonprofit dedicated to sourcing donations for those who have gone through abuse, homelessness, or other instability. Scott helped found the Colorado...
A recent Home Affordability report from Common Sense Institute showed that the affordability of purchasing a home in Colorado is at its lowest point since 1989. “Due in large part to the cost of housing, Colorado is an increasingly expensive place to live,” said Dr. Steven Byers, CSI Senior Economist. “With increased prices and rising interest rates, the affordability of purchasing...
Conditions drive inventory and opportunity for an increasingly skeptical and cautious buyer pool https://coloradorealtors.com/market-trends/regional-and-statewide-statistics/ ENGLEWOOD, CO – As cooling temps lead to dramatic changes in foliage across Colorado’s iconic mountain forests, rising interest rates and a growing list of economic challenges and uncertainties are creating their own dramatic changes in the state’s housing markets, according to the September 2022 Market Trends Housing...
CAR’s August Market Trends report shows most median home prices in Colorado are up 10 % from last year’s numbers. Despite higher interest rates, multiple cash offers are a thing of the past. “It’s a great, great opportunity,” said CAR Spokesperson Matthew Leprino. It’s better than it’s been in three years for buyers. Yes, interest rates are higher, and prices...