Consumer Price Index Shows Rising Interest Rates Account For Colorado's Housing Market Cool-Off
(CBS4) -- U.S Bureau of Labor Statistics released a new consumer price index summary Friday, and it shows rising interest rates account for a cooling of Colorado's housing market.
The Colorado Association of Realtors says the statewide inventory of active listings rose nearly 11% in May.
RELATED: Consumer Price Index Summary
Median home prices were relatively flat across the seven-county metro area and statewide. Denver County was not making the anticipated million-dollar average sale price, thanks to the jump in inventory.
One realtor says the market's moved from red hot to an orange glow. More buyers are adopting a wait -and-see attitude, but that also carries risk.
- Adams $570,000
- Arapahoe $627.000
- Aurora $562,000
- Douglas. $ 773,000
- Jefferson $ 715,000
"Interest rates are predicted to go up again at least one more time this year," said Sunny Banka with Colorado Association of Realtors. "So by waiting, they could have another interest rate increase, maybe two by the time we get to the end of the year."
Homes in the best shape with the best amenities are commanding the best prices -- still over asking price -- and the quickest sales.
RELATED: Denver Metro Real Estate Cooling, But Don't Expect Prices To Chill
