Larimer County median home price falls 4%, Weld County falls 1%

After 6 months of intense increases in mortgage interest rates we’ve finally see a price correction in the month over month data for Larimer and Weld County. Typically we don’t pay a lot of attention to this data because it’s not seasonally adjusted. But because of how fast interest rates have gone up we’re watching it closely right now. Inventory has increased significantly over where it was last year. However, by historical standards the number of homes for sale is still very low. While the interest rate increases have been terrible for housing affordability. They have reduced the amount of bidding wars so our buyers have much more time to make decisions and they are typically able to keep their inspection and appraisal contingencies which means we can get more money for repairs and ask for price drops if we get a low appraisal.