CNNMoney.com: National home sales slumped more than expected in July, according to a trade group reading that showed the biggest supply of homes for sale in 13 years, coupled with weak prices. The National Association of Realtors reported that the pace of existing home sales was the slowest since January 2004. The glut of homes on the market has cooled off if not killed the white-hot home price gains of a year ago.
Locally, the Colorado Association of Realtors reported that home prices in La Plata County declined by 6% in the 1st quarter this year. While we don't expect drastic value reductions, there is no doubt that prices are softening as Sellers adjust to current market realities. On the positive side, the softer pricing outlook will bring more buyers into the market that many had found unaffordable. Plus, with the rapid escalation in values that we have seen in the Durango marketplace in recent years, our Sellers are not losing money.
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