HOME PRICES FLAT AS IN­VEN­TORY DROPS

The Denver Post - - BUSINESS -

It got even harder to find a home to buy in Colorado last month. And buy­ers who were look­ing for a place took their time, push­ing up the av­er­age num­ber of days prop­er­ties re­mained on the mar­ket.

There were only 15,645 homes listed for sale in Novem­ber, enough to meet about 2.2 months of de­mand, and down from 25,137 listed in Novem­ber 2014, ac­cord­ing to the Colorado As­so­ci­a­tion of Real­tors’ monthly mar­ket re­port re­leased Mon­day. Sell­ers listed 3,639 town­homes and con­dos, about 1.7 months of de­mand, and down from 5,897 in Novem­ber 2014.

Even with the short­age, the me­dian price of a sin­gle-fam­ily home was flat at $335,000, which CAR at­trib­uted in part to mort­gage in­ter­est rates that have been creep­ing up. The av­er­age 30 year mort­gage rate was 4.08 per­cent at the end of Novem­ber, com­pared with 3.67 per­cent in Septem­ber, ac­cord­ing to Fred­die Mac.

Condo prices climbed to $255,000, up $30,000 from Jan­uary.

Statewide, 6,636 sin­gle-fam­ily home sales closed in Novem­ber, down 6.7 per­cent from Oc­to­ber. There were 2,093 condo sales closed, down 11.6 per­cent from Oc­to­ber.

How­ever, sin­gle-fam­ily home sales were up 24.2 per­cent from Novem­ber 2015, when 5,344 sales closed. Condo sales were up 13.3 per­cent from Novem­ber 2015, when 1,848 sales closed.

The num­ber of days on mar­ket ex­tended to 55 for sin­gle-fam­ily homes in Novem­ber, up three days from Oc­to­ber, and pushed to 50 for con­dos, up two from the month be­fore.

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