First month in a year with more housing inventory in Denver metro!
These are news we have been waiting for, ones COVID hit the world the housing market in Denver Metro Area started to see a shortage of inventory month after month after month, that of course combined with lower interest rates and a higher demand for housing created price increases.
Last month July 2021 we finally saw an increase in inventory, 8% more housing units were listed for sale and 7.5% more closings took place. This increment in housing units for sale was going to happen at some point of another, we just didn’t know how soon!!, this definitely are good news for all buyers in our amazing state of Colorado.
This is the door to the beginning to somewhat of a normality, we still have ways to go to proclaim it a healthy market. Pre-covid we had anywhere from 13000 to 18000 housing units for and that was still a seller’s market, this gives you an idea of the road ahead. I think June’s numbers gives us as a hope of more homes coming into the market in the following months, that combined with the gradual increment of the interest rates will push pre-approvals down affecting affordability but at the same time will tame the bid wars buyers have been going through during the past year plus.
Dr. Lawrence Yun National association of Realtors Chief Economist forecasts prices will continue to increase for at least 3 more years but at a slower phase. Rents will continue to increase causing more demand for housing therefore a seller’s market is here to stay for a couple years.
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