Metro Denver housing market’s summer slide extends into August
Metro Denver’s heated housing market continued to show signs of cooling in August, with single-family home sales and median home prices dropping for a second month, according to a monthly update Wednesday from the Denver Metro Association of Realtors.
The median price of a single-family home sold in the 11-county area fell 2.4 percent from July to August for $410,000 but remains up 7.9 percent over the year. The number of single-family homes sold fell 8.7 percent month over month and is down 10.6 percent from a year ago.
Condos fared better, with the number of sales in August up 1.8 percent over July and down a smaller 3.4 percent year over year. The median sold price also rose 1.8 percent to $275,000 between July and August and is up 12.9 percent year over year.
But condo listings experienced a big jump in the average time on market, which rose to 38 days in August, a 46.1 percent increase from a year earlier. Single-family listings spent an average of 27 days on the market, a 6.9 percent decrease year over year.
“Overall, I feel positive about this market even though we are transitioning toward something that looks more normal,” said Steve Danyliw, chairman of the DMAR Market Trends Committee in a statement accompanying the report.
The inventory of homes available for sale remains tight. There were 7,360 residential properties listed at the end of August, about the same number as in July.
The report shows that the most active part of the market remains single-family homes priced under $400,00 and condos priced below $300,000, segments where builders are adding little new inventory despite strong demand.