GRAND JUNCTION, Colo.(KKCO/KJCT)-- The Bray Report for June has just been released, and has some insight for potential home buyers and sellers.
According to the report, tight inventories are limiting the choices available to buyers looking for a new home. Those who are looking to sell might be hesitant to do so, as there’s a lack of choices right now.
Low-interest rates make it a good time for renters to consider purchasing, as low inventory and increased demand is pushing rental rates.
Though demand is high for new construction, there is not a surplus of lot areas.
The past winter and spring have been unusually wet, which has been delaying the process of home construction and subdivision completion.
The median sale price is $251,000, which is up by seven percent from last year.
The average amount of time a house stays on the market is about 59 days. Compared to this time last year, a house was staying on the market for around 57 days.
In addition, foreclosure filings are down by 18 percent, foreclosure sales are down by 48 percent and building permits are down by 15 percent.