Oct 01, 2013

September 2013 Denver Housing Report (archived)

- originally posted September 1, 2013 -

Last months' home sales were up again, but the direction of the market is still unclear.  With the recent 'push-up' in mortgage interest rates this summer, its still too soon to know what effect those rate increases will have on home sales for the duration of 2013.  

Although last month's sales reached a high-point mid-summer, the biggest reason for that wasrock-bottom interest rates.  As mortgage rates have been steadily climbing for a few months now, sales may finally begin to slow going into the second half of the year.  We'll see more evidence of how the rise in interest rates has affected the market, after I publish next month's closed sales.

Looking at other numbers this month, average home price may have dropped a bit, but condo prices rose.  This was a flip-flop of what occured the prior month.  Our inventory levels also increased about 800 units, so that'll make buyers happy with some added selection of homes. 

I'll be posting a few more graphs this week, that show the most active price ranges in the Denver market.  For condos, the $100k-$250k range is the most active.  For single family homes, that activity widens to the $150k-$350k range.  Inventory remains pretty tight under $500k, with only a few months available for sale, on average.  Although inventory levels have increased over 3000 units since March, increased sales have offset the additional inventory.  Pickings continue to be relatively slim for home buyers.

Till next month,

 

 

Average Home Price & Solds Graphs

 

 

 

 

Average Home Price, Inventory, & Days-On-The-Market Graphs

 

 

Check Out Today's Interest Rates

Today's Interest Rates

 

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Originally posted at: Average Home Price And Trends Report. Data provided by Metrolist. Graphs copyright© Michael Dagner Group. All information deemed accurate, but cannot be guaranteed. Image attribution - percent - www.sxc.hu