Breaking News: Federal Reserve Drops Rates by 50 Basis Points and Home Prices Fall 5% – Everbody Panic!!
Great, now that I have caught your attention. Let's dive into what this means. After scouring our local market data (noisy) and combing through Case Schiller data ((https://fred.stlouisfed.org/series/DNXRSA), we have mild reasons to be concerned. We have not seen a month over month trend of this magnitude.
Our local data tends to be noisy and after more data has come in the trends tend to soften to larger scale models, like Case Schiller. Our sales data is also delayed from the previous month (closing period), so the actual correlation to a rate adjustment is not a valid comparison (yet)! We wait with baited breath for our next data release...If you need expert Denver Real Estate advice, I am always here to serve and lend an ear.