Mike Rush reports Denver median home prices hit $784,000 (up 6.2% year-over-year) and condos $475,000 (up 5.3%). Licensed loan originators have dropped 50% since 2021, and new listings are down 8.6%, but low inventory means less crash risk ahead.
Chapters
Hey everybody, it's Mike Rush here, your Colorado real estate guide, bringing you a market update for the month of September in the greater Denver area. Single-family home prices are up to $784,000, which is up 6.2% year over year. Condo and townhome averages are up to $475,000, which is up 5.3% year over year. According to Ingenious Insights, the number of licensed loan originators has reduced by 50% from 2021. But we have to remember that was just an anomaly. That was a record-breaking year as far as prices go in 2021 and 2022 and interest rates. US mortgage applications have fallen to their lowest point since 1995. New listings are down 8.6% year over year, and active listings are down 25.3% year over year. Demand is also down 15.1% year over year as interest rates continue to rise a little bit, but we are still seeing increases in the home prices year over year, and I'm still bullish on the interest rates coming down later this year and early next year as we enter into a recession. we're still in a low inventory environment. We'll see what the Fed has to say on their next meeting on September 20th to find out. Now I know our market is crazy right now, the news is really volatile and things seem scary, but we're going to get through this. There's going to be light at the end of the tunnel. We're still in a low inventory environment, so it's not going to be a big real estate bubble and a crash. As always, if you know anybody that needs help buying or selling, or if they just have any real estate questions at all, please let me know. I'd be happy to help. I'll see you next time.
