And while those higher mortgage rates weighed heavily on metro Denver’s housing market in August, they didn’t break it, according to a“The majority of sellers found themselves negotiating to get their homes under contract,” Nicole Rueth, a DMAR Market Trends Committee member and local mortgage professional, said in aThe number of home and condo sales fell 2% last month to 3,792 and for the year the sales count is down 16.1%. Sellers obtained 99.46% of the list price last month versus 99.
Concerns over a tougher market ahead may have motivated some sellers to speed things up. New listings, which had been trending lower, rebounded 1.7% last month to 4,863 and are down 6.2% on the year. In July, the annual decline in new listings was running at a sharp 24.8%. The available inventory of homes and condos listed on the market rose 8.9% from July to 6,858, which is just below the level of 6,939 seen a year ago.
Despite more expensive financing costs, home prices didn’t decrease. The median closing price of a single-family home held steady at $650,000 in August, matching July’s level, and remained ahead of the median price of $645,000 seen in August 2022. For townhomes and condos, the median closing price last month was $419,950, nearly matching July’s median price of $420,000. Over the year, prices are up 5%.