High mortgage rates and elevated home prices continue to impact the Denver metro housing market. The national average 30-year mortgage rate spiked to a 23-year high at the end of October, according to Freddie Mac and the median price for a Denver area home inched up 2% to $580,000. As a result, home sales lagged for the second consecutive month. The number of home closings was down 6% from last year. Year to date, home sales in the 11-county metro area are down 19% from last year.
In October, Denver Metro sellers added 3,803 new listings to the market, 1% fewer than last year. The number of new listings was down 17% from last month.
On a positive note, buyer activity picked up in October. The number of listings that moved into Pending status in the MLS was 1% higher than last year and 5% higher than last month. Those listings moved off the market in a median of 17 days. Listings are staying on the market a bit longer, which is helping inventory levels inch up. At the close of the month, there were 7538 listings actively available for sale.
The rental market took a breather in October. Throughout the month, 294 properties were leased using REcolorado MLS, 4% less than last month and 1% less than this time last year. The median leased price for those properties remained relatively flat.
Denver Metro Market Stats: October 2023
REcolorado videos and infographics depict year-over-year market statistics. To see month-to-month statistics for the Denver Metro area, please read the Full Market Watch Report.