CAR’s Market Trends reported the median home price for a single-family home was $635,000 in July 2022. Since financial experts advise putting down a 20% down payment on a home, this creates a “boomerang effect,” which is when younger adults move back in with their parents to save for that payment.. According to the Pew Research Center, in 2021, 25%...
https://coloradorealtors.com/market-trends/regional-and-statewide-statistics/ ENGLEWOOD, CO – With active listings and inventory rising across the seven-county metro area and state, slowing sales and fewer new listings have kept the full swing of the real estate pendulum in check, according to the July 2022 Market Trends Housing Report from the Colorado Association of REALTORS®. The combination of factors, including rising interest rates, is giving potential...
Since the real estate market has cooled just a bit in June, as reported by CAR’s Market Trends, REALTORS® are left to prognosticate about the future of the market. “The analogy that really conveys to us what’s happening is just that we’ve hit the summit,” said CAR Spokesperson Matthew Leprino. “We’ve climbed to the top of the mountain and we’re...
The number of single-family homes and condo townhomes for sale increased 44% from May to June 2022, but median home sale prices are up more than 10% both locally and statewide. REALTORS® around the Denver-metro area provide some reasons why and explain how buyers are adapting to a new real estate market. “As fears of inflationary pressures reach households through the...
Statewide, home prices in June 2021 decreased by 2% from last year at this time, according to CAR’s June Market Trends Report. But the better news is that the number of homes for sale is increasing. “Buyers need to know that for the first time in a long time they have an opportunity to think about a home purchase,” said...
https://coloradorealtors.com/market-trends/regional-and-statewide-statistics/ ENGLEWOOD, CO – Despite a massive influx of new inventory hitting the Denver metro and statewide housing markets over the past month, fears of inflation, rising interest rates and a host of other key variables are changing conditions for both buyers and sellers alike, according to the June 2022 Market Trends Housing Report from the Colorado Association of REALTORS®. The inventory...
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...
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/ ...
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...
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,”...