by Calculated Risk on 7/07/2022 10:05:00 AM
Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in June, Sales Down Sharply
A brief excerpt:
From Denver Metro Association of Realtors(R) (DMAR): DMAR Real Estate Market Trends Report
As month-end active inventory skyrockets, the Denver Metro hit a new record for the average price of attached properties at $504,193. At the end of June 2021, Denver Metro ended with 3,122 properties on the market. It has now almost doubled that amount over the year, with a total of 6,057 properties currently sitting on the market. … “The increase in supply will eventually impact pricing, days in the MLS and the relationship between buyers and sellers, which have negatively impacted buyers’ purchasing power,” commented Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver Realtor(R). “The stock market, inflation and cryptocurrency have all taken a hit in the last few months. Housing will eventually be a victim to the economy as a whole, but just how much is yet to be seen. It is realistic to see days in the MLS, currently sitting at a historic low of four, increase in the coming months.”
… And a table of June sales. Sales in these areas were down 23.4% YoY, Not Seasonally Adjusted (NSA). Contracts for sales in June were mostly signed in April and May, when mortgage rates were lower than in June.
Notes for all tables:
1) New additions to table in BOLD.
2) Northwest (Seattle) and Santa Clara (San Jose)
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/