Denver Metro Area
July metrics show a market that has shifted. Demand in the Denver Metro Area has dipped due to high prices and rising interest rates. As a result, prices have stabilized, and homes are staying on the market a bit longer. While there might be quite a bit of uncertainty in the Denver housing market right now with home sellers and home buyers adjusting to new realities, the good news is that Colorado’s economy is strong.
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What This Means for Your Sellers
Home prices remain high and inventory levels remain constrained, which keeps sellers in a great position. In July, the median price of homes was 11% higher than last year. However, from a month-to-month perspective, prices are tapering with July bringing the third consecutive month of declines in the median price of a closed home.
How This Affects Your Buyers
The days of feverish demand are in the rearview mirror as buyers reevaluate their home buying goals given today’s home prices and higher interest rates. According to REcolorado metrics, July saw a decrease in the number of closings as compared to both last month and last year. Buyers may even be backing out of contracts as a result of market conditions. This July, 12% of listings in Pending status moved back to Active, which is 3% more than we saw last July.
More Colorado Market Statistics
REALTOR® Association Market Statistics
In addition to the market statistics reports produced by REcolorado, we provide housing market data and collaboratively produce statistics reports with local REALTOR® associations.
