The S&P/Case-Shiller 20-city index rose a seasonally adjusted 0.1% and was 5.5% higher compared to its level a year ago, the lowest annual increase in 20 months. Tuesday’s Case-Shiller report covers a three-month period ending in August. Nationally, August marked the fifth straight month of decelerating price gains, as interest rates have risen and inventory in some markets, especially in our home market of Denver, has been growing. Denver month over month was unchanged in terms of prices. Year over year prices were up 7.7%. The Case-Shiller is a lagging market indicator, we already have data from September that sales… Read moreS&P/Case-Shiller – Denver’s Prices Flat Month over Month, Signs Point to Home Prices Decrease in the Future
After falling 2.1% the prior week, mortgage applications plunged 7.1% last week as mortgage rates surged above 5%. Excluding two major falls during the Christmas week of 12/29/00 and 12/26/14, this is the lowest level of mortgage applications since September 2000. The seasonally adjusted Purchase Index decreased 6% from one week earlier. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since February 2011, 5.1% from 5.05%. The Fed is on pace to keep on hiking rate so even higher rates are scheduled for the future. Naturally, hardest… Read moreMortgage Applications Fall To 18-Year Lows Putting More Pressure on Denver Area Home Prices
Housing starts resumed their fall in September nationwide, dropping by 5.3% despite a downward revision to August’s increase. Permits nationwide also fell, dropping for the fifth month of the last six. Permits’ drop was driven by an 18.9% plunge in the Midwest. The Northeast was down 9.8%. The South had a minor uptick at 0.6%, and Denver’s home region the West was up 11.1%, the only bright spot of the report for housing starts. The Northeast dominated housing starts with a huge 29% spike while the South and Midwest tumbled. The Midwest was down 14.0% and the South was down… Read moreHousing Starts, Permits Drop Nationwide In September, Glimmer Of Hope In Denver’s Home Region, The West
In spite of Russian hackers and haters (but I repeat myself), our forecasts continue to come true. The Denver residential market, which combines both single family and condos, saw sold homes decrease 29% in September month over month. Both average and median prices dropped as well. The average sold price was down 3.3% to $455,980 and the median price dropped 2% to $399,500. Both of these drops were the month over month decline. Inventory continues to climb, up 7% month over month and 16% year over year to 8,807 homes. According to the Denver Metro Association of Realtors, the… Read moreDenver Housing Market Tanks in September! Residential Sales Down Almost 30%!