Nightmare on Metro Denver Streets, Existing Homes Sales Fall 2.2%

Denver Housing Market Horrors

They say that October is the scariest month of the year, and if we look at housing market data, they are right. Several housing data reports came out last week and point to a sickly market. Existing Home Sales Fall Sales of previously owned homes or existing home sales fell 2.2% month over month in September. Experts were forecasting a modest drop of 0.7%, so the actuals for September were much below expectations. In unit terms, the seasonally adjusted annual rate of 5.50 million for August fell to 5.35 million in September. Existing home sales increased for two straight months… Read moreNightmare on Metro Denver Streets, Existing Homes Sales Fall 2.2%

US Homebuilding Starts Crash 9.4% in September

US September 2019 Homebuilding starts

They don’t call it Fall for nothing. As summer ended, US homebuilding starts fell 9.4% to a seasonally adjusted annual rate of 1.256 million units in September 2019 lead by a big decline in the multi-family housing, the Commerce Department said today. One piece of good news was the data for August 2019 was revised higher to 1.386 million units, which would be the highest level of starts since the financial crisis. Economists, wrong as usually were expecting a 3.2% decline to 1.320 million unit annualized. US Housing starts rose 1.6% year over year as well. Starts decreased across all… Read moreUS Homebuilding Starts Crash 9.4% in September

Denver Home Prices Fell 2.35% In September 2019

Scary October For the Denver Housing Market

Welcome to the scariest month of the year, and boy did the Denver housing bulls get some scary information from the October DMAR report that was released last week. Metro Denver home prices fell in September 2019 from August 2019. August to September 2019 Residential Housing Price Trends Month over month median and average prices Metro Denver home prices fell in September. In the Denver Metro area, median prices fell 2.35% and were down 0.56% for average residential prices. The monthly fall in overall residential prices was to be expected as prices tend to weaken following the summer months. Single-family… Read moreDenver Home Prices Fell 2.35% In September 2019