Month over month, prices continued to meekly rise, by 1% for both median and average residential prices. Year over year the pace of the housing price increases continued to decline with the average residential prices rising by only 4.7% and the median residential prices rising 3.9% from December 2017.
Existing-home sales ran at a seasonally adjusted annual 5.32 million pace in November, the National Association of Realtors said this past week. November marked the second month of increasing sales and sales were 1.9% higher than in October, but 7.0% lower than a year ago. Homes stayed on the market for an average of 42 days in November, up from 36 days in October and 40 days from a year ago, but currently, the available supply of home would last about 4 months, down from October. Traditionally a sign of a market balanced between supply and demand is six months… Read moreCoal For Christmas? Existing-Home Sales Saw The Only National Decline With Sales Down 6.3%
For the second month in a row, homebuilder confidence tumbled amid broad-based declines across sales, expectations and buyer traffic (down 4 to 56 and b 60 print expected) as hope begins to fall toward to the housing market’s reality. In addition, National Association of Home Builders (NAHB) six-month sales outlook dropped to the lowest since March 2016 while a measure of current sales for single-family homes decreased to a three-year low. “We are hearing from builders that consumer demand exists, but that customers are hesitating to make a purchase because of rising home costs,” said NAHB Chairman Randy Noel. “However,… Read moreHomebuilder Confidence Collapses To 3.5 Year Low
The Denver Metro Association of Realtor stats are out for November and they have some mixed signals, but signs continue to point to a gradual bursting of the real estate bubble in the metro area. Housing inventory is down again almost 12% to 7,530. However, if we look at the year over year inventory statistics, inventory is up 47% which is a good sign for buyers as inventory levels in the second half of year are up. Sold homes were crushed down almost 17% month over month and almost 23% year over year. Sellers in the future will have to… Read moreIs This Turkey Cooked Yet? Sold Homes in Denver Metro Area Tumbled 17% Month Over Month In November
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!
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