Report: Housing market cool downs include Denver
Denver is among the country's hottest housing markets that are experiencing a cool down after a surge in home prices and low inventory. Mortgage interest rates are at their highest level in 20 years, which also may be a contributing factor.
According to Redfin, the fastest cooling markets are Seattle, Las Vegas, San Jose, San Diego, Sacramento and Denver. Home prices in those and other markets have soared 43% in two years. Now those markets are shrinking.
"A year ago people were buying homes sight unseen, multiple offers, it's a good time to put an offer on a house at a lower number," said one housing expert.
Due to higher interest rates, experts said despite the price cuts the average monthly mortgage payment is still higher than if you bought a home at the peak of the market. If rates drop, mortgages can always be refinanced.
