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Amidst Affordability Concerns Denver Home Prices Begin Falling
Recently released data from the Denver Metro Association of Realtors shows that the number of metro Denver homes for sale increased 10 percent from June to July, but we are likely hitting a seasonal market plateau due to the falling number of new listings.
According to DMAR, the drops in new listings and homes sold were accompanied by decreases in both average and median home prices. The report, which included single-family homes and condos also indicated:
New listings and homes sold both dropped 11 percent from June’s report. The average price fell 2 percent to $412,000, and the median came down 3 percent to $354,000.
Single-family home prices had been rising since January. But those increases are pricing more and more people out of the market.
July set a same-month record low for active real estate listings with 7,468. The high of nearly 32,000 listings was set in July 2006.
New listings for single-family homes dropped 13 percent from June. New listings for condos fell 4 percent.
The number of days properties spent on the market remained relatively stable in July, at 25 days for single-family homes and 22 days for condos.
For the month, 127 single-family homes sold at closing prices of $1 million or more, which is down 16 percent from June but up 18 percent over July of last year.
DMAR attributed the numbers to decreasing affordability in Denver, though that trend is not exclusive to the Mile High City. Real estate experts agree that affordability throughout the country is a major issue right now; with the rest of the country nipping on the heels of what we’ve Denver has been seeing for quite some time.