October 2018 Housing Market Update
September 2018 saw the market gaining a little balance, which is very good for buyers. Approximately 6,500 single family homes were listed in the Denver metro Area, 14% more than this time last year. The most active price segment is still in 300-400,000 homes. Just over 2 months of inventory, a balanced market is 6 months. Average sales prices also dropped 3-4% from their summer highs…again good news for buyers.
Federal reserve board increased the Federal Funds Rate by ¼% this month with another hike expected in December and 3 more in 2019.
What does this mean for Buyers? The sooner you buy, the less the interest on your loan will cost you. Please note that the mortgage rates do not go up the same amount the feds raise the rate.