(CBS4) — The latest data shows another hurdle for many the Colorado housing market.
According to the Consumer Price Index Report released Wednesday morning, the good news is rising interest rates and more inventory are helping with the homebuying process. The bad: It’s never been more expensive to buy a home in our state.
According to the Colorado Association of Realtors, in the month of April:
The average price of a single family home in our state is $600,000
The average sales price of a single family home was just over 747,000 ($747,226)
That’s Pretty unattainable for most of us looking to buy a single family home in Denver.
The average sales price of a single family home in Denver is $793,486
Affordable homes continue to be an issue in the Colorado housing market. The housing affordability index looks at how affordable a region is based on whether families make enough to qualify for a loan.
A higher number means things are more affordable. Unfortunately, the index fell by 10% in April, which is the lowest figure since the association began tracking in 2010.
Relators also say the rising interest rates mean that your dollar isn’t stretching as much as it used to.
“As that’s continuing to go up and prices are high, people are kind of really at their max when it comes to a lot of budgets of what they can afford, right?” said. “And so that very subtle interest rates, let alone can really change their buying power.”
If you are looking to buy a home, make sure you have an offer ready to go. Single-family homes in Denver are only lasting on the market for an average of 12 days, and townhomes are only lasting for 9 days.