Michael RushReal Estate Broker, Keller Williams Realty DTC · Real Estate Broker at Keller Williams Realty DTC

The housing market is heating up despite disappointing inflation news and interest rates near 7%

17 Apr 2024 · 1 min

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In this brief market update for the greater Denver area, the speaker reports that the spring housing market is gaining momentum. New listings rose 16.2% month‑over‑month, while pending‑sale demand jumped 28% compared to the previous month. Days on market fell 17.4%, indicating faster sales. The average price of a single‑family home reached $780,000, a 6% increase year‑over‑year, and the close‑to‑list price ratio held steady at 99.8%. Showings per pending sale slipped 4.8% to 16 showings. Despite interest rates remaining near 7%, the data suggest the market is heating up, and the speaker notes that the upcoming Federal Reserve decision at the end of May could further influence conditions.

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The spring market is officially underway with an increase to new listings of 16.2% month over month. Demand with pending sales also increased 28% when compared to last month, and days on market actually started to decrease 17.4%. Average price of single-family homes in the greater Denver area has increased to $780,000. That's up 6% when compared to last year. Percent of close price to list price stayed flat at 99.8%. The amount of showings to pending went down 4.8% compared to last month to 16 showings. So it just goes to show that the spring market is starting to heat things up despite interest rates not going down yet, but we'll see what the Fed does at the end of May.