High inflation and the Federal Reserve’s action to tame it slammed the brakes on one of the hottest housing markets in history, and 2023 will go down as a year where too many buyers had too few houses to choose from.
Read MoreMuch of the housing market remains frozen in place as mortgage rates trend up and existing homeowners remain reluctant to give up their sub-4% interest rates. This means a "hot" market today is more likely one that has returned to the basic fundamentals of demand, supply and relative affordability.
Read MoreDuring the second quarter of 2023, New York City’s real estate market has been as volatile as our stock market. While the market for ultra-luxury apartments, both condo and co-op, has remained slow, the smaller units, which were having a run in April and much of May, have now sunk into the doldrums as well.
Read MoreThe latest Market Trends Housing Report from the Colorado Association of Realtors shows the single-family home inventory in the seven-county Denver metro area dropped 3% between June and July and is 28% lower than in July 2022.
Read MorePrices are dropping in the metro. In July, the median sales price for a detached single-family home was $650,000, which is down from the June price. Prices have been rolling down since May after rising since January.
Read MoreMortgage holders are experiencing the "golden handcuffs" phenomenon. They might have a great rate now, but likely can't move without spending a lot more cash, explains Redfin chief economist Daryl Fairweather.
Read MoreThe Denver real estate market may be reaching an inflection point after years of rising home values as buyer demand adjusts to rising mortgage rates. We look into the current market trends for buyers and sellers.
Read MoreWhile May provided some bright spots for metro Denver’s home sales market — namely more new listings than April for buyers to choose from — the market still “feels off,” according to the Market Trends Report released by the Denver Metro Association of Realtors Saturday.
Read MoreNo doubt, that market has shrunk. Last month, just 450 homes — including houses, condos, duplexes and townhouses — closed in that price range. That’s down by 807 closings in May of 2022.
Read MoreDespite close to 7% mortgage rates, limited supply drove home prices higher again in May.
Last month, all properties sold in metro Denver had a median closed price of $595,000, up from $580,000 in April. May was the third month in a row to record price increases.
Read MoreThe Westchester housing market continues to exhibit a high demand for properties while inventory drops to a record low.
Read MoreConnecticut continued to see historically low listings of houses for sale in April, helping prolong a sellers market that is keeping prices above pre-pandemic levels — but with too few people putting their homes on the block, creating a continuing pinch for those looking to buy.
Read MoreBuying and selling a home in Denver is beginning to look much different in 2023 than it has over the past few years. The Mile High City was booming well before the pandemic as newcomers flocked here to be close to the mountains and enjoy the laid-back lifestyle in one of the best places to live in Colorado.
Read MoreIn the Denver metropolitan statistical area, though, even waning demand can’t alter the market much – not with the ultra-low supply the area is dealing with. In fact, despite the changes today’s higher mortgage rates have ushered in, Denver still ranks as the fourth-strongest housing market in the nation, according to the U.S. News Housing Market Index.
Read MoreProperty assessors for nine metro Denver area counties announced on Wednesday that property valuations, which help determine how much homeowners pay in property taxes, saw double-digit increases in their biannual assessment.
Read MoreIf you’re house hunting, there are plenty of homes available in Colorado — nearly 10,000 at the end of March, which is up 41.8% from a year ago.
Prices are a bit lower, too.
Read MoreAccording to the Census Bureau’s 2021 American Community Survey 5-Year Estimates, Denver is now the 19th biggest city in the United States, with a population of 711,463, as of 2021. Denver has witnessed dramatic growth in recent decades. From 1990 to 2021, Denver’s population increased by 52.1%, from 467,610 to 711,463. As with cities of the Pacific Northwest and West Coast in general, much of Denver’s growth over the course of the 2000s and 2010s was due to a large influx of Millennials.
Read MoreIt’s a statistic that, not long ago, homebuyers could have only dreamed of: The median price of a single-family home in the Denver area dropped by more than $90,000.
Read MoreThe median home sales price for the Denver metro area was $536,500 in January, down 1.11% year over year.
Read MoreHigh prices are slowly starting to decline, but a low inventory and steep home mortgage costs already put homeownership out of reach for many buyers, the analysis found. What’s also contributing to the difficulty is an 8 percent increase in the number of people who pay cash, according to the analysis.
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