Colorado Sun: As home prices drop, Colorado’s real-estate industry looks to history to understand trends
Colorado Sun
If you’re house hunting, there are plenty of homes available in Colorado — nearly 10,000 at the end of March, which is up 41.8% from a year ago.
Prices are a bit lower, too.
If you need a loan to pay for the house, though, that’ll cost more than it would have a year ago. Even so, mortgage loan rates are about where they were in 2008. And that’s roughly two-thirds lower than the peak in the early 1980s.
The way Colorado Realtors see it is that while the for-sale market has slowed significantly and median sale prices have dropped, it’s been worse. Way worse. And now, the market appears to be settling down with the latest inflation report showing prices aren’t rising as fast as before and the Federal Reserve considering a pause on upping interest rates.
“The reality is that there’s a bunch of people that need to buy and sell homes. Their life situation changed. That’s a natural thing. It’s not like the world’s come to an end. It’s just slowing down,” said Realtor David S. Anderson, with Re/Max of Pueblo. “And we’re probably getting more to a more neutral market that we haven’t been in since ’19 when you were looking at three to four months on the market.”
To read the full Colorado Sun article, click here.
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