Ripping

Published on: 09/12/2024

Denver is approaching the height of its summer buying season, and volume is still not picking up. Thank you, “High Plateau.” Colorado (and the broader country) is facing a massive problem in that a generation of homeowners is now locked into their homes at extremely low mortgage rates, and the generation trying to form households can’t afford to buy what’s on the market. To make it worse, the inflation problem is still creating issues for the Fed which means mortgage rates aren’t likely to go down anytime soon. Following Jerome Powell’s press conference on June 14th, it seems more likely higher borrowing costs will persist across the curve for longer than people are expecting. This month’s discussion will focus on the current macroeconomic picture and its impact on Denver’s housing market.

Market Insights

Landmines

Published on: 09/12/2024

We’re in the midst of our summer buying season, and it feels a lot more like the fall. New listings and closed volume are both down ~30% year-over-year, so things are a bit weird with fewer deals happening on the Front Range. This is a direct effect of the “high plateau” market environment in which housing prices stay elevated, even at higher interest rates, because there’s less supply and no forced selling. All of that could change very quickly as the US grapples with another debt ceiling showdown, and while it appears that both sides left their negotiation on May 16th feeling much more constructive, there are still a lot of things that need to happen before we can call the “all clear.

Market Insights

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