Metro Denver single-family home prices, after dancing between an annual loss and gain in January, crossed over to the dark side with both feet in February.
The annual drop in median sales prices for condos and townhomes wasn’t as large at 1.2%, and the monthly gain was more robust at 1.14%. Average condo prices were still in positive territory at 3.1% on the year. The median price of a condo sold was $400,000. for the first time since February 2012, a reversal it attributed to 30-year mortgage rates rising back above 7% after rates closer to 6% breathed some life back into the market at the start of the year.
Prices peaked late last spring in metro Denver and the robust gains captured early in 2022 are making for some tough comparisons. And while price declines create more favorable conditions for buyers, they aren’t good news for anyone who stretched to buy something in the first half of last year with a small down payment.
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Does that mean prices are going down or the price point for buyers is going down?