Wednesday, June 12, 2013

Housing News Digest, June 12

Down Payments Shrink Amid Home Price Recovery According to LendingTree’s study, average down payments for 30-year fixed-rate purchase mortgages have declined 9.4 percent since May 2011. As of May 31, 2013, the average down payment percentage across the nation was 16.1 percent, while the average national loan amount was $221,694.76. “As the housing market begins to improve, lenders are beginning to loosen their guidelines to more normalized standards and approve loans with lower down payments,”

  New home sales in west region hit 6-year high in April New single-family home sales in the western region of the U.S. hit a six-year high in April, with 13,000 new homes sold during the month. This marks the highest number of new home sales in a given month since September 2007. April's total was the highest of any April since April 2008, according to the Colorado Division of Housing

  Denver homebuilders report high demand for skilled workers The demand for new homes in Colorado has left builders scrambling to find enough skilled workers, a scenario that seemed improbable a year or two ago. For buyers, that could mean longer wait times for new homes and higher prices to cover the wage increases that skilled workers are now commanding.

  Downtown condo market dips 12% An in-depth analysis of the downtown condo market by Jesse Hamilton of Land Title Guarantee Co., shows there were 90 closing in downtown in the first quarter, compared with 102 in the first quarter of 2012, a 12 percent drop. The total dollar volume in closings showed a similar trend, falling 11 percent to $41.9 million from $66.3 million a year earlier.

  Colorado Springs Real Estate Housing Recovery Continues The Pikes Peak Association of Realtors, which serves the Colorado Springs area is reporting increases in the number of homes selling and also housing values. The association is reporting a 34-percent increase in housing sales this year as opposed to 2012. Metro Brokers Real Estate Broker Associate Lori Jones says low interest rates are among the factors driving the sales surge. “Interest rates remain at historically low levels which is motivating buyers to act quickly and get a house. Home sales in our area increased every month during 2012 and we’re seeing the same thing happen in 2013.”