Market Puts on the Brakes
The October 2016 Real Estate Statistics show what we all felt as the market put on the brakes. The number of new listings jumped way down by 19% from September. There is some speculation that this was due to fears and uncertainty around the election, on top of continued seasonally slowing as we head into the winter months. Active buyers in October had far less homes to choose from. It’s likely that the number of new listings will continue to decline as potential sellers wait to see what happens in the new year.
Average 30 year fixed-rate mortgage rate crept ever so slightly up in October and is expected to continue to rise in the upcoming months. Even though there are now less homes for buyers to choose from, homes are remaining on the market for an average of 24 days, around the same pace as homes at this time last year. This gives buyers a little more time to consider making an offer on available homes. These October 2016 real estate statistics also show more seasonal slowing in the real estate market here in Denver.