Michael Shotnik
Branch Manager
READ BIO
FROM OUR BLOG
November 8, 2018

November Market Trends Report 2018

 

Here you’ll find the November 2018 Market Trends Report as listed by Denver Metro Association of Realtors. Here are the main highlights:

  • In the third quarter, sales in the Denver metro area were down 4.9 percent year over year. The good news is that the year-over-year median sold price is up a very healthy 7.5 percent.
  • New applications for unemployment aid rose in mid-October, but the number of people receiving benefits fell to a 45-year low, signaling labor market tightening. If that is followed by increasing pay as it often is, it will help with the housing affordability issue in the Denver area.
  • Purchase mortgage applications stayed relatively flat year over year, down just 0.4 percent, which is extremely positive considering the increase in interest rates of almost 1 percent during that same year.
  • If your buyer clients are hoping to ‘wait out’ this market change, you may want to remind them that the mortgage rates are increasing. CoreLogic, a real estate research firm, recently predicted a nearly 10 percent increase in buyers’ mortgage payments by next July due to rising interest rates.

Click here to get the full report

LET’S GET STARTED

APPLY ONLINE

Start the application process today!

GET STARTED

Sign up for our mailing list

Stay up to date and receive occasional updates about the Colorado housing market and useful information.

We're here to help.

CONTACT US TODAY!
Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.