Mortgage charges loosen stock in Denver, however costs maintain climbing

0
38

DENVER (KDVR) — It may be easier to find and make an offer on a home in the Denver area than it has been in recent months, but April stats show it will cost you more.

The Data Desk analyzed a report from the Denver Metro Association of Realtors that appears to indicate that easing mortgage rates is loosening the housing market, but supply still hasn’t stopped prices from setting new record highs.

With record inflation continuing, officials are trying to cut spending. In addition, the US Federal Reserve announced a rate hike of half a percent on Wednesday.

According to the Denver Metro Association of Realtors’ latest market trends report, the high This comes after the Denver Metro Association of Realtors’ latest market trends report, which shows that high mortgage rates recorded in April are keeping Coloradans from moving and thereby easing the housing supply.

How much do tenants and buyers have to earn to be able to afford life in the metropolitan area?

“We typically see inventories up 8.59% mom,” reads a review by Andrew Abrams, chairman of the DMAR Market Trends Committee. “This month we saw an amazing 44.26% increase. While that equates to fewer than 1,000 other properties currently on the market, it is a prediction for the future.”

In March, there were 2,221 active listings for both freestanding and attached residential properties in the Denver area. In April it was 3,204.

Although this is a reversal from the record lows in housing supply over the last six months, it is still a low compared to historical data. The 3,204 listings available correspond to the number of homes available last October.

Relaxed or not, the increasing number of offers available has no impact on the inexorable upward trend in prices.

A detached single-family home in the Denver area closed in April for an average of $650,000.

That’s an uptrend of 48% in just five years, when the median price was $440,000 in April 2018. Prices started to increase in 2020 and have continued to increase since then.

Close modal

Suggest a correction