Falling Home Prices

U.S. Real Estate News Recap: October 2021

Here’s a quick digest of what happened in U.S. real estate last month:

+ Nationwide this year, the typical home buyer submitted two offers before one was accepted — double the amount from 2020.

+ Zillow began offloading 7,000 of their iBuyer homes in October and have just announced that they are shutting down Zillow Offers and laying off 25% of their workforce. Zillow CEO Rich Barton stated, “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.”

+ More home sellers are cutting their list price. Four experts weigh in on what they think will happen to home prices through the end of the year.

 


 

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Denver Real Estate News Recap: August 2021

Here’s a quick digest of what happened in Denver real estate last month:

+ Downtown Denver has been starving for new condos over the last decade. Its hunger pains will begin to subside when the the largest condo project since 2009 breaks ground soon at 18th & Glenarm.

+ Median home prices fell for a second month in August. Buyers, don’t be relieved yet — inventory is tightening again, as active listings fell 11.7% between July and August.

+ Relief for Denver renters has dissipated in the Denver metro area. Front Range rents increased 14.4% year-over-year in August and are up 12.8% since March 2020.

+ A San Francisco-based developer has purchased an entire block of RiNo for $27.5M. Plans are still in the early stages, but may include a 500-unit apartment project, stretching 12-stories.

 


 

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