Housing report: tough to find homes for sale in the Denver metro area
The Denver metro area is becoming expensive for many who live here and now it's getting harder to find a home to buy in the area. A new report from the Denver Metro Association of Realtors has revealed there is an inventory problem.
The association said the current housing market has been caused by the pandemic. Denver had the lowest inventory, or homes for sale, since February 2014.
The report also shows that potential buyers are watching interest rates.
"We had a lot of buyers who purchased homes when interest rates were historically low, 3-4 years ago right before COVID when they were in the twos, threes and fours, and in the natural progression of real estate those folks should be looking to step up in their home but they're not because interest rates are more," said The Real Estate Doctor Chad Nash.
With the high-interest rates, more homeowners aren't willing to sell. This effect means homes for sale are staying on the market longer. In Denver, a home takes about 43 days until it sells. To compare, last year it only took 13 days to sell a home.
