Market Continues to Put on the Brakes
The November 2016 Real Estate Statistics show what we all felt as the market put on the brakes for the second straight month. The number of new listings jumped way down by 28% from October. There continues to be some uncertainty about the 2017 market on top of continued seasonal slowing. Active buyers in November had far less homes to choose from compared to previous months. We will all be watching to see what happens in the new year.
Average 30-year fixed mortgage rates continued to climb in November. This is likely to be a trend that will continue into the new year. There continues to be less homes for buyers to choose from and homes are remaining on the market for an average of 28 days. This gives buyers a little more time to consider making an offer on available homes. These November 2016 real estate statistics also show typical seasonal slowing in the real estate market here in Denver.