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Will metro Denver’s housing market find stability after a year of extreme turbulence?

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Going into 2023, forecasters disagree on whether the market will pull out of its steep descent and stabilize or be forced to make a hard landing that could wipe out billions of dollars in home equity

After soaring higher and higher through the pandemic, metro Denver’s housing market started losing altitude in the second half of last year. .

. Mortgage rates for 30-year loans averaged 6.42% last week compared to a 3.5% rate a year earlier, according to the Mortgage Bankers Association. “As one of the most expensive areas, the Denver metro area may experience some small price declines during the second quarter of the year,” Evangelou and Yun wrote in aRueth predicts that increased competition during the peak spring selling season could drive up prices slightly. More normal fall patterns will emerge in the second half as buyers take advantage of the additional homes on the market. One reason for her optimism is that demand was delayed, not destroyed.

 

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