According to recent data from the Denver Metro Association of Realtors (DMAR), home sales prices in metro Denver have continued to climb, but the pace of home sales is slowing as inventory increased in September.
The association said the average home price in metro Denver, including both detached single-family houses and attached condominiums and townhomes, rose by 11.8 percent year-over-year in September, to $396,706. The median jumped by almost 13 percent to $348,000.
While prices continued to increase, the number of homes sold in September was 5.5 percent lower, at 4,936, than in the same month last year, when 5,226 homes were sold. Additionally, homes are spending more time on the market than a year ago: the average number of days on market in September was 32, up from 29 in 2015.
Inventory also increased a bit in September, with the number of active listings increasing by 1.1 percent year-over-year to 7,599.
DMAR indicated the month-over-month slowing is consistent with seasonal changes that occur in residential real estate, but the association expects that the market will remain active relative to other years as fall progresses.
Anthony Rael, chairman of the DMAR Market Trends Committee said that even though September produced a seasonal slowdown, indicators point to above-normal numbers of active listings. He also said many homebuyers are anxious to get locked into a low-interest home mortgage loan before the Federal Reserve likely proposes an interest rate increase at the end of the year.
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