A new report about area home sales is adding weight to evidence that home prices have crested and are finally dropping around Denver, three years after mortgage rates soared and buyers turned sour on the market.
Real estate agents are quick to welcome that falloff. And they’re noting that December typically sees sales freeze up at a time when buyers have the holidays on their minds, and when discouraged sellers sometimes pull their homes from the market until spring.
But brokers with long experience in Colorado’s ups-and-downs are doubting whether the market will improve much after the lights are taken down and the wrapping paper is in the recycle bin. Interest rates have held stubbornly in the low-to-mid 6% range despite two quarter-point rate cuts by the Federal Reserve this fall…