Real Estate Talking Points for the Denver Front Range -- week of July 24, 2023

Buyers are showing resilience, accepted purchase contracts last week outpaced all of 2023.?

• At the end of April 2023, the Denver Front Range saw only 963 contracts, 46% lower than the same period in 2022.?Last week, purchase contracts hit a 2023 high of 1,031.?Still 30% below 2020 and 2021, but 11% higher than 2022.
• There continues to be an expectation for mortgage interest rates to drop between now and year-end.?If rates do drop, expect buyer activity to rise compared to last year and the typical seasonal trends.
• Year-to-date,?approximately 28,000 homes have hit the market across the Denver Front Range, compared to an average of closer to 38,000 homes each year over the last 10 years.