The Cooling Continues is our headline for the month! Mortgage rates landing around 7% after the Fed meeting really sealed the deal on a slowing of the housing market. What we are seeing in our local market is a more balanced housing market right now and even more balance coming our way. We have been without balance for an extended period and those of us in the housing business know that the only way for win-win transactions for both Buyers and Sellers is a balanced market. To get there, we are going to need more inventory and while that is beginning to come forward, we will need more.
Average Home Prices
Days on Market
While our inventory numbers are up, we are still below by 26% where we were at during the same period in 2019. The average homes for sale at the end of the month since 1985 is 15,663 for September. Interestingly last year’s inventory increase (10.86%) from August to September matched these years (10.72%) almost exactly. What that means? Not sure.
The rental market is still strong, especially for properties that are well kept and updated. There is a cooling nationally in rent increases but getting tenants in place has not slowed down in the Denver Market.
We think “Not sure” is where we will end this month’s commentary. There is so much happening in the world, nationally and locally it is hard to pin down exactly where we are going. In speaking with a lender the other day, he said, “economic theory vs. supply and demand” is what we are waiting for to work their way out. Which one wins we will have to wait and see. You can be assured we are watching all the factors very closely and will keep sharing everything we learn right here!
If you would like to expand on this conversation, please reach out we are happy to answer questions and have a discussion anytime.
“With our partners, we have provided refuge for thousands of people in our shelters. Most of our shelter residents are about 70 years of age or older; many have complex health challenges and disabilities; and they have lost everything they owned because of Hurricane Ian.
With the help of Southern Baptist Disaster Relief, four mobile kitchens are now cooking tens of thousands of hot meals each day. Nearly 120 Red Cross emergency response vehicles are on the roads delivering these meals and relief supplies to people struggling in the hardest hit areas.
Red Cross shelters and disaster aid stations — at 20 different locations — are open where people can either stay or get food, relief supplies and other assistance. Trained volunteers are also providing health and mental health support to families who have suffered unimaginable loss. This includes help coping with new challenges, managing medical conditions, caring for wounds or injuries, and replacing prescription medications or other critical medical equipment like canes and wheelchairs.
More than 1,600 Red Crossers from all 50 states and the District of Columbia are supporting relief efforts.
With our partners, we have provided more than 601,000 meals and snacks, and some 98,000 comfort kits and other relief items like cleaning supplies.
Red Cross teams are also starting to compile more detailed residential assessments including how many homes have been affected and the extent of that damage. This critical information will be used to make plans for what support families may need in the coming weeks and months.”
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