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Denver Metro Area
June metrics point to a significant shift in the market after policymakers approved the biggest interest rate hike in 28 years. Affordability became a significant consideration as the prospective monthly payment on a typical new mortgage increased. This contributed to a cooling of buyer activity in June. The number of closings was 20% lower than last year and 7.5% lower than last month. The number of contracts written on homes also dipped, indicating July sales will also see a year over year decrease.
After a slight decrease in May, home prices leveled off in June. The median closed price for a home remained at $615,000. Prices are still a median of 13% higher than we saw at this time last year. The number of new listings coming on the market stayed steady while the number of contracts written on homes decreased. As a result, weeks of inventory moved to 5 and the number of listings actively for sale at the end of the month was almost twice as many as we saw at the end of May, giving buyers more choices.
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.