Changes Continue as Market Shifts
Although many analysists still see the market as a slight Seller's Market, demand has dipped due to high home prices and rising interest rates which is causing homes to sit longer before going under contract. As the summer goes on the Denver Real Estate Market is continuing to shift more towards an even market.
As inflation reached 40 year highs the Fed raised the interest rate multiple times to curtail inflation. The increase did affect mortgage rates as rates did jump dramatically to around 6.5%. Rates dropped at the end of the month and are now around 4.5% for a FHA or VA loan and 5.5% for a convention loan.
Home buyers are finding even more housing options than they have in months as the market now has 7 weeks of inventory to choose from. Less homes are receiving multiple bids and having the price driven up through bidding wars which is allowing Buyers to reevaluate their situation and not feel as rushed to make a decision.
While there is uncertainty in the market, the good news is the Colorado economy remains strong. Would you like to learn more? Make sure to check out the full details listed below.