The Denver housing market showed signs of a slowdown in June according to REcolorado MLS data. While buyer activity remained somewhat steady with contracts signed up slightly from last year, the number of homes actually sold dropped 12% compared to both June 2023 and May 2024.
This dip in sales comes alongside a rise in available homes. New listings in June increased by 6% year-over-year, though the month-to-month pace slowed slightly. Additionally, homes are sitting on the market for longer – the median days on market climbed to 13 days, a 6-day increase from last year.
This shift is likely due to a combination of higher home prices and rising interest rates, causing some buyers to take a more cautious approach. The good news for these buyers is that there are more available homes to choose from, especially in the $1M or higher price ranges. The median closed price in June remained stable at $600,000.
Looking at the Bigger Picture: January to June
While June showed a slowdown in sales, it’s important to consider the first half of 2024 as a whole. Compared to the same period last year, there’s been a 15% increase in new listings entering the market. However, the number of closings during this time is down 3%, indicating a growing inventory and a more balanced market.