As the housing market slows across the U.S., some overheated metros are seeing major price corrections after years of red-hot home sales. Though active inventory is still up 115.9% year-over-year in metro Denver, total supply fell slightly to 7,290 homes on the market at the close of October, Bill McBride reports in the CalculatedRisk Newsletter.
In Las Vegas, the median price of existing single-family homes sold fell to $440,000 in October, a 2.2% decline from September, though the median home price is still up 7.3% from $410,000 one year ago.
“Ever since mortgage interest rates started rising this summer, we’ve seen the housing market cool down,” said LVR President Brandon Roberts, a longtime local REALTOR. “Prices have been going down slightly since we hit our all-time peak in May. We’re seeing more homes on the market, and fewer homes are selling. Through October, local home sales are down about 22% from this time last year.”
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