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What’s Working: Colorado home prices are still up even as real estate market experiences sales slump – Steamboat Pilot & Today

A house in Park Hill Denver on sale on Aug. 7, 2022.
Tamara Chuang/The Colorado Sun

Inflation was on the brain this week, especially at the state Capitol. The rising interest rates — the Federal Reserve upped them again Wednesday — had the legislative budget committee learning “the risk of a recession in the next 18 months” is 50% higher than in June.

That’s according to the economic forecast presented Thursday by the governor’s Office of State Planning and Budgeting. The usual suspects were blamed: fallout from the war in Ukraine, ongoing inflation and the Fed tightening its monetary policy even as its chair Jerome H. Powell acknowledges that increasing rates “will also bring some pain to households and businesses.”

There’s always something new each week with the Colorado economy. And we’ll dive into how Coloradans are coping with higher prices below. But first, let’s look at how rising mortgage rates are affecting the local housing market.

Colorado houses cost more … or less

If this were 2019, the for-sale housing market in Colorado would be considered booming. Sellers are getting about 40% more than what they would have if they had sold their house three years ago. And even with the market cooling this year, the median price of a house sold in August was 10% higher than a year ago.




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