Home sales in metro Denver fell last month as mortgage rates on 30-year loans approached 8% last month, but the market found ways to keep on breathing, according to a monthly update from the Denver…
Home sales in metro Denver continued to fall in October under the weight of higher mortgage rates. But deals were still getting done and prices are continuing to rise. Home sales in metro Denver fell last month under the pressure of mortgage rates on 30-year loans approaching 8%, but the market found ways to keep on breathing, according to aBuyers closed on 2,986 homes and condos in October, down 11.6% from September and 15.7% from the pace of sales a year ago.
Libby Levinson-Katz, chairwoman of the DMAR Market Trends Committee, said market activity this year is tracking with the more restrained pace seen in 2019 before COVID-19 disrupted the world. Nearly six in 10 sales involved sellers providing a concession to buyers, and those concessions, when provided, averaged $9,390, according to the report. But sellers of existing homes have a hard time competing with what new home builders are offering, up to $30,000 in some cases, according to real estate brokerage Redfin.
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