Colorado Shows Strong Market in National Existing-Homes Sales Stats
On February 23, 2016, the National Association of Realtors® released statistics on January 2016 home sales. Price growth for existing-home sales saw the fastest increase since April 2015. The West Region, which is the region to which Colorado belongs, posted an existing-home sale rate that is 8.3 percent higher than January 2015. Growth has also been seen in the West Region in terms of median price, which was $309,400, a 7.4 percent increase from one year ago.
“Despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession,” stated Lawrence Yun, NAR chief economist.
Adam Desanctis, NAR media representative, reported that “the share of first-time buyers remained at 32 percent in January for the second consecutive month and is up from 28 percent a year ago. First-time buyers in all of 2015 represented an average of 30 percent, up from 29 percent in both 2014 and 2013.”
All indicators point to a very strong selling season this Spring. Yun reports that the low supply of existing homes available will create a very competitive market.