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Colorado housing markets slowed sharply in August

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Statewide housing markets slowed sharply in August, but some markets held up better than others in the face of rising interest rates and declining buyer demand. A number provided by the Colorado Real Estate Association.

The Denver Post examined single-family home sales in Colorado’s 12 most populous counties in August. This includes Denver’s six major metro counties (Adams, Arapahoe, Bloomfield, Denver, Douglas, and Jefferson), as well as other metro-covered counties in the state. Areas — El Paso, Larimar, Weld, Boulder, Mesa, Pueblo.

The biggest declines in the number of single-family homes sold between August 2022 and August 2021 were in Denver County, down 32.2%, Weld County, down 31%, and El Paso County, down 30.2%. Pueblo County saw the smallest decline in sales, down 16.3%, and Mesa County, down 18%.

The inventory of available homes for sale increased sharply year-over-year in most counties, more than doubling in two counties, up 117.6% in El Paso and 112.1% in Bloomfield.

“What months differenceChange is here and it’s moving fast,” said Patrick Muldoon, a real estate agent in the Colorado Springs area, in a comment included in the report. They have, but they either put up with it or they don’t care.After all, why are they?Every day is a news cycle of bad economic news: stocks, inflation, layoffs, housing data.”

Denver County was an anomaly. Available single-family homes increased the least at the end of August, up 19.4%, while available townhome and condo inventory fell 22%. This is the opposite trend to other regions. Still, median price gains for single-family homes sold were up 4.5% year-over-year, the weakest of any market except Pueblo, where prices rose his 3.7%. Townhome and condo prices rose just 1.9% year over year in Denver.

“The sky hasn’t fallen because the market itself is always in motion, always in a state of flux, and almost as reliable as a 1973 Ford Pinto. No explosive market changes. The only reliable The thing is change, the fact that the wisdom of the historical perspective has always increased in value,” reported than Muldoon did.

the interest rate is Rise as the Federal Reserve It aims to fight inflation and many buyers are hesitant to do so. According to the Mortgage Bankers Association, his average 30-year mortgage rate topped 6% this week, double what he did a year ago and his highest in the U.S. since 2008.

But new listings are also down, bucking excess inventories that could cause prices to plummet. Jeffco had the largest decline in new listings, with him at 28%, followed by Larimar County at 18.2%. Bloomfield and Adams counties posted listings at about the same pace as last year, while Weld counties saw an 8% increase in new listings.

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