Experts, ourselves not included, were expecting new home sales to rebound in October after falling 5.5% month over month in September, but instead, new home sales collapsed, tumbling 8.9% month over month in October. New home sales have now missed expectations for seven consecutive months. The drop in purchases was led by a 22.1% fall in the Midwest, and an 18.5% decrease in the Northeast. The South had a 7.7% decline while our home region the West held up the best with only a decrease of 3.2%. The US median price tumbled to $309.7K from $321.3K, lowest since Feb 2017…. Read moreNew-Home Sales Tumble 8.9% in October As Inventories Soar
The outlook for the housing market is continuing to worsen. Only 13% of Americans say they want to buy a home in the next 12 months, making it the third straight quarter in which fewer people want to become homeowners. There were four age grouped surveyed. Seniors, baby boomers, generation X, and generation Y. Out of the four age groups surveyed, generation Y were the most likely to be planning a home purchase, with a 19% of that generation responding that they wanted to purchase a home in the next 12 months. The percent who wanted to purchase a home… Read moreOnly 13% of Americans say they plan to buy a home within the next 12 months, marking the third straight quarter in which fewer people expect to become homeowners
The Denver Metro Association of Realtor stats are out for October and they have some mixed signals, but signs continue to point to a gradual bursting of the real estate bubble. For the first time in months, the amount of inventory is actually down 3% to 8,539. However, if we look at the year over year inventory statistics, inventory is up 35% which is a good sign for buyers. A key stat, sold homes, is down almost 4% month over month and almost 16% year over year. Sellers in the future will have to continue to drop their prices if… Read moreHappy Día De Los Muertos! Denver’s Real Estate Market Continues to Die with Sales Down and Days on Market Up!