Although low supply and tight credit standards are still hurdles to recovery, prices continue to rise in most local areas. Job growth has strengthened lately, but wage growth has not kept pace with the price gains we have seen. Buoyed by stable and continuously lower interest rates, affordability is still historically high yet below its all-time peak.
Rising inventory levels will lead to more choices for qualified buyers, but as the summer reaches toward fall, the prospect of more homes coming on the market begins to wane.
New Listings were down 13.0 percent for single family homes but increased 15.5 percent for townhouse-condo properties. Pending sales clocked in at 320 for single family homes and 113 for townhouse-condo properties.
The Median Sales Price was up 6.6 percent to $290,000 for single family homes and 13.9 percent to $181,000 for townhouse-condo properties. Months’ Supply of Inventory stood at 2.5 for single family units and 1.1 months for townhouse condo units.
The U.S. Department of Commerce reported that GDP grew at a 4.0 percent annual rate in the second quarter and that the first quarter was less bad than previously thought. Consumer spending in the first quarter rose 2.5 percent, which is encouragingly in tandem with savings rates. Increased consumer spending means more demand for goods and labor; increased savings rates means more resources for down payments. With rates still low, rents still rising and private job growth accelerating, it's becoming more and more difficult to side with the housing perma-bears.
A comprehensive Housing Report from the Fort Collins Board of REALTORS® outlining the latest market reports for single family and multi-family housing in the greater Fort Collins Area. Residential Market Statistics for single family detached and attached homes provided by IRES. Please note that IRES no longer includes "to be built" and "under construction listings.
For more information please visit www.fcbr.org/HousingReports or call 223-2900