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Front Range Real Estate Market Update, December 22, 2022

We hope you’re warm and safe today. 

The National Association of REALTORS’ Senior Economist and Director of Forecasting, Nadia Evangelou, looks at the current market and the near future this way:

Mortgage rates dropped even further this week. According to Freddie Mac, the 30-year fixed mortgage rate decreased to 6.27% from 7.08% six weeks ago. As a result, homeownership has become nearly 10% more affordable in the last six weeks as the monthly mortgage payment decreased to $2,140 for the median-priced home.

With mortgage rates double those of a year ago, home sales activity has declined significantly compared to the previous year. However, this year’s activity is only 4% lower than the historical average. About 4.9 million homes are usually sold during January and November of each year. This year, 4.7 million homes were sold.

Unless inflation surprises with an upswing, mortgage rates will move closer to 6% at the beginning of the next year, bringing more buyers back to the market.

It’s nice to see affordability get better, although monthly mortgage payments and typical down payments are still out of reach for many Americans. However, we agree with Ms. Evangelou’s forecast that interest rates will go down and drive more interest from buyers as we move into the new year.

Next week, we’ll look at what other experts predict for the housing market in 2023.

We wish you all the best this season. Enjoy the holidays!

Thinking about making a move? Get expert guidance. Call us now at 720-782-2468 or schedule a time for us to call you.

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Metro Denver Real Estate Market Activity

During the last week:
New Listings – 460
Back On Market – 192
Price Increase – 85
Price Decrease – 555
Pending -883
Withdrawn – 233
Closed – 1057
Expired – 336

Previous Week:
New Listings – 651
Back On Market – 206
Price Increase – 115
Price Decrease – 809
Pending – 1026
Withdrawn – 226
Closed – 804
Expired – 283

Based on data from REColorado®

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