Homes and condos sold in October fell by almost a quarter compared to September as higher mortgage rates sidelined more buyers. However, sellers also went on strike, putting only three-quarters of his homes on the market at the time. Septemberaccording to, Thursday’s monthly update from the Denver Metro Real Estate Association.
The tug-of-war between declining demand and declining supply has reversed course for active list inventories that had surged this summer. As of the end of October, he had 7,290 units for sale, down 5.1% from the end of September.
Over the past 12 months, the number of listings has increased by 116%. This looks like a big increase, but it’s a very low level. Even after more than doubling over the past year, tallies dating back to 1985 show the number on the list less than half his October historical average of 14,597. Also, supply has not reached pre-pandemic levels of 8,557 listings available in October. 2019.
“Our market is changing, but what is often overlooked is that the last two years have been the exception, not the rule. The trajectory of the market is progressing at the pace that COVID-19 should have happened.”
Home prices were the most notable anomaly since the summer of 2020. However, prices are rapidly rebounding. Average single-family home prices fell 1.2% from September to October to $622,490. It’s still up 6.5% this year. The median closing price for condos and townhomes fell 1.22% in the month to $405,000 and is up 8% for the year.
The number of days on the market for listings to close also continues to increase. Single-family homes now average 29 days, while condos and townhomes average 25 days. It took him three times as long to find a buyer for his listing in October as it did in May.
Levinson-Katz said the seller could be waiting to go public during the peak homebuying season this spring. But she cautioned that some buyers are still aggressive and looking to settle something before mortgage rates rise further. situation.