It's too soon for Denver-area house hunters to celebrate.
While the $635,000 median price for Denver area homes during July is down 1.7 percent from June, that figure is 10 percent higher than it was at this time last year. And the average July sale price of $756,778 is also up more than 10 percent on a year-over-year basis.
According to CAR, the inventory of active listings in metro Denver is up by nearly 50 percent from last year. As a result, the area has an estimated 1.9-month supply of inventory for single-family homes, a 72 percent improvement over July 2021 and the highest volume in around two years. But new listings, homes whose sales are pending or under contract, and sold listings are all down on an annual basis, while prices most assuredly are not.
Realtor Kelly Moye specializes in Boulder, where prices have risen by 11 percent since the beginning of 2022, she notes, and while inventory has increased due in part to climbing interest rates, demand remains vigorous. She also handles Broomfield, and"Broomfield homes are still flying off the market in under eleven days and prices are up 9.5 percent since January," she says."With only 1.8 months of supply, we are still in a seller's market.
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