Current Market Data
In Denver, home prices posted a 12% year-over-year gain in August, compared to a 15.6% gain in July. Month over month, prices fell 2.3%.
“After a sustained period of quick sales that kept the housing cupboard relatively bare, a supply of two months presents a lot more options for homebuyers,” said RE/MAX President and CEO Nick Bailey.
The only other time the market saw such change was at the beginning of the pandemic.
Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before.
New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics.
The report shows decreases in sales prices, as well as an overall increase in days on the market. While this could be due partially to high interest rates, Bailey says the shift in the market could open up opportunities for buyers who’ve had to put their plans on hold.
Approximately 58% of homebuyers say they’d be willing to purchase a haunted house — and nearly 25% think they already have.
The analysis found an increase in mortgage denials and in potential borrowers withdrawing mortgage applications in areas with an elevated risk of flooding.
Looking ahead, CoreLogic expects the year-over-year pace of home-price appreciation to slow to 3.5% by August 2023.
The average median home size varies drastically across the country, according to American Home Shield’s 2022 American Home Size Index.