Metro Denver housing market cools off in july

Market Trend

Metro Denver housing market cools off in july

The metro Denver residential housing market cooled off a bit in July while listings rose sharply and monthly price gains went flat. Closings were down from June and the inventory of available homes remained tight but still at a record rate, according to the latest statistics from the Denver Metro Association of Realtors (DMAR).

Buyers closed on 5,820 homes and condos in metro Denver in July, down 12.3 percent from June’s count and 21.3 percent from July 2020. The inventory of residential properties available for sale at the end of July was 4,056, a nearly 30 percent increase from June.

The median price of a single-family home sold in July was $600,000, which matched June’s median price and reflects a 20 percent gain from last July. The average closing price was $699,795, down 3.5 percent from June but up 17.2 percent from a year earlier.

The median price of a condo or townhome sold in July was $381,250, which was up 0.8 percent from June and 14.5 percent from a year earlier. The average sale price for condos and townhomes last month was $442,949, which is a 1.6 percent increase over June and 15.2 percent on the year.

Single-family home listings spent an average of eight days on the market last month, while condos and townhome listings spent 12 days on the market. A tenth of closings last month saw sellers lower the price, compared with a quarter of closings in July 2020.

A typical year in metro Denver sees a 3.1 percent gain in active listings between June and July. But this year’s monthly increase of 29.9 percent is the largest ever recorded for July, according to the DMAR. July’s average was 16,302 active listings, so the supply remains at only a quarter of historic levels.

A spokesman for the National Association of Realtors said he expects price gains to start rising in line with income gains next year as more listings and newly constructed homes hit the market.