Surging mortgage rates sent metro Denver’s once hyperactive housing market into a state of suspended animation as the year came to an end, with sales plunging to their lowest levels in a decade.
Surging mortgage rates sent metro Denver’s once hyperactive housing market into a state of suspended animation as the year came to an end, with sales plunging to their lowest levels in a decade and annual price gains for single-family homes, once in the 20% range, essentially flatlining.
“The post-pandemic shift back to a more normalized market will take some time,” Amanda Snitker, a metro Denver Realtor and vice chair of the DMAR Market Trends Committee, said in comments accompanying the report. Surging mortgage rates, which went from just over 3% on a 30-year loan at the start of last year topped 7% in the fall and then settled back into the mid-6% range in December, explain much of the shift in the market.
Another sign of the lack of circulation in the market is the average of 43 days listings took to sell in December. That is up from 34 days in November and 18 a year earlier. Back in May listings were flying off the shelf, going under contract in an average of nine days. Measured at the median or midway point, it is taking a listing six times as long to sell as it did a year earlier.
But a key component is still missing — a glut in inventory or the supply of homes available for sale.
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