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Denver Home Sales See A Decline In August
Despite mortgage rates reaching their lowest levels in three years, according to the Denver Metro Association of Realtors (DMAR), buyers purchased 5,219 homes and condos last month in metro Denver, which is nearly an 11% decline from July and a 7.9% drop from August of last year.
However, when measured across the first eight months of this year, home sales in metro Denver are down just 0.72% compared to the same period of time last year.
According to Freddie Mac, the decline in sales is happening despite 30-year mortgage rates that are at 3.49 percent, the lowest rate seen since October 2016.
Economic uncertainty appears to be a driving force holding back some buying demand, but affordability remains another obstacle as there hasn’t been an influx of construction of more moderately priced homes.
Other highlights from the latest DMAR report include:
The active inventory of homes and condos available for sale in August in metro Denver was on par with July at 9,350. But over the year, the inventory is up 13.6%.
Homes are taking longer and longer to sell, with listings spending an average of 30 days on the market compared to 22 days last year.
The median price of a condo sold in August was $373,782, a decline of 0.64% from July, and up 4.4% from August of 2018.
The median price for single-family homes sold in August was $459,900, a decline of 1.1% from July, but an increase of 4.5% from a year earlier.
Sales activity remains strongest in homes priced under $500,000, although even there the number of homes sold is down 10.2 percent year-over-year.
With low-interest rates and increasing inventory, now could be a great time to become a homeowner in Denver. If you’re interested in seeing what the Mile High City has to offer, give Metrowest a shout – we’d love to show you around!
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