Greetings once again, my Friends! I hope you’re reveling in the delightful August weather here in Colorado. As we embrace the peak of summer, an abundance of exciting activities awaits both within the city and its surrounding areas. Rest assured, I’ve meticulously handpicked a couple of noteworthy events for you to enjoy during this month.

Now, let’s shift our focus to the housing market. As August arrives, we’ve witnessed a remarkable surge of 3.77% in active homes, signifying a substantial increase in available properties. However, home sales have experienced a dip of -16.34%, which is a common seasonal trend during the summer months in Colorado. As we approach the end of summer and with what is hopefully the last of the interest rate hikes, and as more people head back from there vacations, showings and demand will start to increase. “Cream Puff” properties as I like to call them and properties that are priced right still are going under contract quickly and some with multiple offers.

• The Colorado average homeowners insurance premium jumped 23 percent in 2023 as Colorado ranks #2 for hail claims and #3 for risk of wildfire.
• In an effort to combat fraud, 11 Colorado County Assessor Offices currently offer complimentary online resources that enable property owners to register for notifications when a document is recorded concerning their property.
• The number of protests filed with Colorado’s 64 county assessors increased 300 percent in 2023 compared to the average number of protests from the previous three assessment cycles.
• According to Lawrence Yun, Chief Economist for the National Association of Realtors®, “The recovery has not taken place, but the housing recession is over. The presence of multiple offers implies that housing demand is not being satisfied due to a lack of supply. Homebuilders are ramping up production and hiring workers.”
• The Federal Reserve raised the Fed rate by 0.25 percent from 5.25 percent to 5.50 percent, and raised the prime rate to 8.50 percent.
• 30-year fixed mortgage rates started and ended July at 7.04 per-cent, despite wild mid-month volatility. 
• Denver ranked as the third most competitive rental market in the west, behind Salt Lake City and Tucson.
• The average number of active listings for July is 15,745 (1985-2022).
• The record high July was 2006 with 31,989 listings and the record-low was set in 2021 with 4,056 listings.