You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and
Home Price Gains In Denver Fall Below National Average
After years of strong appreciation, home price gains in metro Denver are falling below the national average, according to Zillow, who said its Denver Home Price Index has risen 3.4% to $411,200 the past year through August. Gains in the national index rose 4.9% to $229,600.
Zillow reported that higher interest rates weighed on the market in the first part of the year, and when they fell lower, home price appreciation accelerated but at a more modest pace. After annualizing the quarter-over-quarter change through August, home prices are rose 3.4% nationally, while metro Denver’s gain is only running at 1.1%.
Both those are better, however than the 0.4% quarterly annualized pace seen in May for the U.S. and Denver’s annualized 0.6% decline.
However, not every market saw gains turn positive again with lower mortgage rates. In California’s San Francisco and San Jose markets, home prices are down 1.9% and 10.8% respectively over the past year, according to Zillow’s counts. Additionally, they are dropping on a quarter-over-quarter annualized basis in Las Vegas, Chicago, Portland, Seattle, Sacramento, Boston, Baltimore, New York, Los Angeles, Washington, D.C., and San Diego.
Major metros where homeowners are enjoying the greatest price momentum are Indianapolis, up 7.9%, Charlotte, N.C., up 7.1% and Atlanta, up 6.9%.
This isn’t to say that Denver has shifted to a buyer’s market just yet, but the real estate climate here is seeing a bit of a cool down, despite very low-interest rates. If you’re thinking of becoming a homeowner in the Mile High City, now may be the perfect time to start looking. Contact Metrowest today – we’d love to show you around!
I have been in the mortgage industry for over 30+ years and have managed all aspects of the process from being an account executive who managed large origination clients to being a Senior Level Manage....
Latest Blog Posts
With so much to do and see in the Mile High City, it’s no wonder people are flocking to Colorado in record numbers. While there are dozens of popular areas to call home, the following Denver
If you’re ready to become a homeowner in the Mile High City, you may think the first thing you need to do is start checking out available properties. While it’s tempting to start scoping