August Real Estate Market Report: Denver Metro Area

We've been highlighting how now would be a very good time to buy real estate since the gap between the number of homes on the market and the number of homes selling is the largest it has been in more than 10 years.  And we've also noted that we didn't know when interest rates would fall nor by how much, and that as interest rates fall the market will start to get much more competitive for buyers.  

Over the course of the last week, mortgage rates dropped more than a quarter percentage point (the largest weekly decline in interest rates in nine months), and they have fallen almost a percent and a half since the beginning of May.  Mortgage rates are now at their lowest levels in 15 months.  

Things are going to get a lot more competitive and busy.  So, once again, NOW would be a very good time to buy a Denver area home!  Contact us today if you'd like to start your home search; we'd love to help you or anyone you know who is considering buying a home!

Denver Real Estate Market Report

Over the last month, we mostly saw more of the same in the Denver real estate market: there were significantly more homes available on the market to purchase than there were at the same time last year, properties were taking longer to sell, and showing activity was low.  While this is usually a time of year when the market cools down, with the latest economic data showing cooling inflation data, lower than expected new jobs numbers, and higher than expected unemployment, mortgage rates have fallen substantially--and this will make homes more affordable for buyers and breathe new life into the market.

Most prospective buyers haven't gotten the memo yet, but in the coming weeks, and especially when the Fed meets again in mid-September, mortgage rates are going to be getting a lot more media attention.  And that is when many other competing buyers will come off the sidelines.  

So, believe us when we say that now (yes right now!) truly is a very good time to be a Denver area home buyer if you'd like to buy a home with less competition, have more options from which to choose, and make your purchase at lower interest rate!

Contact us today to discuss your home purchase and/or sale!  We look forward to hearing from you. 

Denver Metro Area: July Market Stats

Included Counties: Adams | Arapahoe | Broomfield | Denver | Douglas | Jefferson

_{Source: REColorado and ShowingTime, residential, all property types, July 2023 vs. July 2024, June 2024 vs. July 2024 [accessed 08/03/2024].}