The Principal Team

The Fed raised interest rates again this week in an effort to control inflation. The rise in rates, which started in March 2022, has been the fastest rise in decades. Mortgage interest rates haven’t gone up this week, though, and are lower today than two weeks ago.

Today, the National Association of REALTORS released a report that says existing home sales decreased by 2.4% in March nationwide and were down 22% from a year before. How does what’s happening in Metro Denver compare to what’s going on in the rest of the country?

Mortgage rates are lower now than they’ve been since February, which is good news for buyers – and sellers. If more buyers enter the market, sellers could see more multiple-offer situations and have more offers to choose from. In addition, buyers could enjoy lower payments than they would when rates were higher.

How does what’s happening in the metro Denver real estate market compare to what’s happening nationwide? Let’s take a look.

Mortgage applications are at their lowest in almost three decades. Is it time to panic?

Interest rates and inventory are two of the biggest drivers when it comes to home prices right now. Interest rates continue to be volatile; today, they are up to almost 7%.

The market has changed, and prices have fallen since April 2022. So, we continue to wonder, have sellers caught on, or are they continuing to price too high?