DENVER (KDVR) — It may be easier to find a house and make an offer on a house in the Denver area than the past few months, but April’s statistics show that it’s going to cost you more.
The Data Desk analyzed a report from the Denver Metro Association of Realtors that seems to indicate the loosening of mortgage rates is loosening up the housing market, but the supply still hasn’t stopped prices from reaching more record highs.
With record inflation persisting, officials are trying to cool spending. To this end, the U.S. Federal Reserve announced a half-percent interest rate increase on Wednesday.
According to the latest Market Trends Report from the Denver Metro Association of Realtors, the high This comes after the latest Market Trends Report from the Denver Metro Association of Realtors, which shows that high mortgage rates seen in April are keeping Coloradans from moving around and loosening the housing supply as a result.
“We normally see an 8.59% increase in month-over-month inventory,” an overview from Andrew Abrams, chair of the DMAR Market Trends Committee read. “This month, we saw an outstanding 44.26% increase. While that does equate to less than 1,000 more properties currently on the market it is a forecast of things to come.”
For both detached and attached residential listings in the Denver area, there were 2,221 active listings in March. In April, there were 3,204.
While this is a turnabout from the record housing supply lows of the last six months, it is still a low point compared to historical data. The 3,204 listings available matches the number of homes available last October.
Loosened or not, the climbing number of available listings isn’t having any impact on the relentless upward march of prices.
A detached single-family home in the Denver area closed for a median cost of $650,000 in April.
This is a 48% upward swing in just five years when, in April 2018, the median price was $440,000. Prices began spiking in 2020 and have kept moving upward since then.
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