In October 2018, metro Denver's housing market evened out. After September's 30.5 percent monthly decrease in home sales, October's home sales dwindled by only 3.89 percent month-over-month.
According to Denver Metro Association of Realtors' data, buyers purchased 4,181 existing single-family homes and condos in October, a 15.9 percent annual decline, though more in-keeping with the typical monthly decrease from September to October, The Denver Post reports. Jill Schafer, chairwoman of DMAR’s Market Trends Committee, says, “It appears we still have a ways to go before we get to a buyer’s market." Homes listed for sale decreased 3.04 percent month-over-month in October.
Higher interest rates this year have boosted borrowing costs and made mortgage payments less affordable than they were last year. And while home price gains are slowing, they haven’t declined in response to a higher cost of money. “Interest rates are starting to affect affordability,” said Nicole Rueth, a lender with Fairview Mortgage and member of the markets trend committee.