DENVER — Historically, April and May have been peak buying and selling season for the Denver housing market, but that was before mortgage rates began to rise in 2022.
Denver Metro Association of Realtors (DMAR) market trends committee chair Amanda Snitker told Denver7 Monday the current uncertainty over tariffs, the stock market, and a possible recession could have an impact on behavior this year.
“Uncertainty is almost worse than a bad market in some cases, because it's really hard to plan,”Snitker said.
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According to DMAR’s March report, home prices are down almost 4% from their peak in April of 2022. The median sales price in March was $599,000. Inventory is higher than spring of 2024 — but Snitker said that’s only because homes are staying on the market longer.
Home builder sentiment is at a seven-month low right now, at a time when many experts say more construction is critical to bringing housing costs down — something tariffs are unlikely to do as they could also raise the cost of new home construction.
Snitker said the economic uncertainty could lead to more delays in building homes.
“Acquiring the land and then developing the infrastructure and permitting, it’s a pretty long process, so when there's uncertainty in the market and builders pull back, then that just delays an influx of new inventory opportunities for homeowners,” Snitker said.
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