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July 2018 HOUSING STATISTICS
Summary: July was an interesting month for our housing market. Interest rates are above 4.5% for the first time in over four years. A 4.5% rate is still a fantastic rate for a 30-year mortgage, but combined with record-high home prices, it’s just a hard pill for potential home buyers to swallow. Some type of correction to the housing market could be expected because interest rates and home prices are climbing to a point where home prices might become unaffordable for many. An interesting trend that supports this thought can be found in homes priced between $200,000 and $299,999. There were 32 more home sales (+4%) in this range whereas every other category was down anywhere from 5% - 19%. Another interesting stat supporting this thought is in the average home price which is $347,517. This is down 4% from the previous month. Last year we also experienced a dip in the average sales price from June to July, but that was only a 1% dip. YTD against 2017 twelve more homes have sold, but after a fast start to 2018, fewer homes have sold each month against LY since March which could be another sign of an expected market shift.
Interest rates are still very low, but climbing for the first time in several years. Housing inventory is still behind demand, and more price-cautious buyers are choosing to take a "let's wait and see what the market does" approach to buying. It will be interesting to see where the market takes us in the next few months.
Contact me at 719-599-8134 ext 5 for more information including a micro analysis of your situation.
|Number of Homes Sold||1441||- 118|
|Percent (%) of Homes Sold vs Total Homes Listed||74||- 1|
|Medium Sales Price||$310,000||- $10,900|
|Average Sales Price||$345,017||- $14,412|
|Average Days on Market||21||+ 3|
|Percent (%) of Sold Price vs List Price||100.2||- 0.4|
|Fountain Vally||273||+ 34|
|Falcon North||$39,993,139||- $5,573,931|
|Black Forest||$619,013||+ $41,664|
|Up to $199,999||56||- 16|
|$200,000 - $299,000||591||+ 32|
|$300,000 - $399,000||461||- 22|
|$400,000 - $499,000||190||- 45|
|$500,000 - $599,000||75||- 30|
|$600,000 - $799,000||47||- 31|
|$800,000 - $999,000||12||- 9|
|$1,000,000 - $1,999,000||9||+ 3|
"Based on information from the Pikes Peak REALTOR® Services Corp. ("RSC"), for the period 7/1/2018 through 7/31/2018. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market."