Flooding Housing Inventory Causing US Western Region Housing Starts To Tumbled 19.6% Month over Month in July

Nationwide in June housing starts were down 12.9%, they rebounded a little in July to up 0.9% but sorely missed expectations of a 7.4% increase. Two of four US regions posted a gain in starts, with the South increasing 10.4% and the Midwest increasing by 11.6 %. In the Northeast, it declined 4% and the West, our home region, tumbled 19.6%, the largest drop since January 2017. It looks like the Federal Reserve rate hikes which are feeding higher mortgage costs and the increases in housing inventory for the last three month are creating a future bottleneck in housing supply… Read moreFlooding Housing Inventory Causing US Western Region Housing Starts To Tumbled 19.6% Month over Month in July

Denver Metro Area Residential Selling Price Down 2% Month over Month

The cracks continue to appear in the metro Denver residential real estate market. Active inventory was up almost 3% month over month in July. While not as high as the double-digit increase in May and June, it is still trending in the right direction to put downward pressure on prices. Buyers are also beginning to throw in the towel regarding high prices. Sold homes were down almost 16% month over month in the busy summer season. This is translating into falling prices for both median and average selling prices. Median prices in the metro Denver area were down 0.6% month… Read moreDenver Metro Area Residential Selling Price Down 2% Month over Month