New reports say sales of homes fell in August and September.
It seemed there was no end in sight to Colorado’s ever-ballooning housing market, but it may finally be coming back down to Earth. Well, maybe. But it doesn’t necessarily mean home prices are coming down quite yet.
A new report from the Colorado Association of Realtors found that sales of homes, townhomes, and condominiums in Colorado fell in September 2018. Purchases of single-family homes fell by 14.6 percent, and townhouses and condos dipped by a noticeable 15.2 percent.
The Metro area is also following suit, according to an August report by the Denver Metro Associations of Realtors. Though we’ve been through several years of a seller’s market, it appears that the number of homes on the market has been rising with the number of sales dropping, showing that metro area buyers are dropping back a bit.
Single-family homes and condos available for sale at the end of August 2018 increased by 7.65 percent from July, showing a small shift to a more favorable buyer’s market. Single-family home sales in August dropped 7.46 percent from the prior month, and condo sales dropped five percent. A drop in listing prices was also seen in about a third of sellers, and time on market raised by a few days across condos and single-family homes.
But, even with the decreases, the numbers still show a fast-paced market without significantly lower prices. In fact, Colorado’s average sale prices still went up by 5.6 percent for single-family homes. Because Colorado has a declining rate of active listings and a short supply of homes on inventory, we aren’t likely to see a change in the near future. But winds of change may be starting to blow.
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