Homes for sale in Denver area
Homes for sale in Denver area hit a record low in October, with 6,312 active listings, down 16.7% month-over-month and 6.22% year-over-year, according to the latest report from Denver Metro Association of Realtors. The record high was during the Great Recession, in October 2006, 29,722 listings. Even with the cooling temperatures, homebuyers demand remains strong, however, the number of homes sold decreased by 9.75% month-over-month.
Even with the number of closings dropping over the last couple of months, we are still ahead of last year as year-to-date homes sold which is up 3.3% over 2016. Average price for homes for sale in Denver area rose to $443,873, up 11.85% year-over-year while median prices were up to $380,000, up 8.8%. Also notable, luxury homes priced $1 million and over, saw a 50% increase in sales year-over-year. In October, 158 homes sold and closed for $1 million or great, up 32.77% month-over-month and up 49% year-over-year. The closed dollar volume in October for all luxury residential was $242,929,424, up 31.71% month-over-month and up 53.74% year-over-year. Year to date, sales volume topped $2 billion, and the sale of single-family homes was up 27.67% and condos were up 60.44%.
Did you know that Denver ranks no 10 among America’s coolest cities? Denver was cited for its youth, coffee shops, and beer breweries. Denver also ranks in the nation’s top 10 cities when it comes to job accessibility by mass transit.
Confused about mortgage interest? Here’s how it works
As you know, any type of loan – whether it’s a mortgage or a car loan – requires you to pay interest to your lender for the use of this money while you’re paying it back.
However, the way you pay back a mortgage may be a little different from paying back other types of loans: you make your mortgage in what is called “arrears,” meaning that you pay for the use of the money after you use it.
For example, you take out a mortgage loan on April 15. At the time of closing, you will pay interest from that date through April 30.
Your first mortgage payment will typically be due on June 1 and that payment will cover the principal and interest for the month of May.
The payment due on July 1 will cover the principal and interest for the month of June, and so on until the loan is eventually paid off.
If and when you go to sell the property, even years later, the process will work itself out as in the following example:
You sell your house and the closing date falls on October 8.
You had just made the October 1 payment, which took care of the principal and interest for the month of September. So, at closing, you only pay the interest for the beginning part of the month.