November was all about breaking records! We broke record after record primarily because the inventory of homes for sale was so low. In fact, 3,415 homes for sale at the end of the month represents the lowest inventory on record. (The average number of homes for sale during November is 14,488!) Average and median home prices rose to their highest November levels ever. While inventory was tight and prices were high, there were almost 12% more closings this November than during November 2019.
With interest rates at record lows, buyers continue to hunt for homes. Pre-approved buyers and those ready to compete with multiple other offers are able to purchase homes. Showing activity remains very high, despite our normal seasonal slow- down. Mortgage applications to purchase a home jumped 9% last week from the previous week and were 28% higher annually, according to the Mortgage Bankers Association. This indicates that demand for homes continues to be strong and that December will again be a strong month for home sales. Ready to make your move? Give us a call at 720-408-7409.
Ready to make your move? Give us a call.
Reach David and Tom at The Principal Team at 720-408-7409.
Based on data from REColorado®