Dec 01, 2012

 

October 2012 Denver Housing Report (archived)

Surprise surprise. The Denver housing market dropped again last month. Home sales fell about 700 units to 3949 total sales, from the month prior. A portion of that drop is attributable to slight declines in inventory.

What appeared to be a temporary stall in home sales late-summer, is now looking like we're in the typical and 'seasonal' market slow-down, as we approach the holidays.

Last month's drop in sales was actually surprising, because sales this year have been very strong, and market inventories have barely been meeting our robust demand throughout the past 6 months. In spite of this drop in home sales, the 'supply' of homes is still extremely low (see graph at bottom). A healthy or normal inventory level that balances out supply and demand, would be somewhere between 4 to 7 months -- perhaps the market is in a temporary suspense, reacting to this years elections.

A few other market observations: We're beginning to see our housing inventory increase in price ranges above $400,000. Also, both the Average and Median Home Prices are now beginning to fall. The changes are only slight, but they appear to reflect stronger demand for lower-priced properties, which affects all the averages. With the combined slowdown in sales and housing inventories improving (just slightly), this may be the best time since last March to be looking for a home!

On the interest rate front, mortgage rates really haven't changed much, and continue to be as attractive as ever. Read the latest at today's interest rates.

More updates soon!

 

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

 

 

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Copyright © 2012, *September 2012 Denver Housing Report*, by Michael Dagner and www.DenverHomesOnline.com. All rights reserved.