Luxury homes, and especially luxury condos priced at $1.5 million or higher, are seeing the biggest backlog form as metro Denver’s housing market slows. Pictured here is a home in Polo Club North near the Cherry Creek neighborhood.
The median price of a single-family home sold last month was $660,000 — the same as in June. Home prices have risen 1.5% over the past year, so appreciation appears to be flattening out. That cooling was most noticeable in the highest tier of homes, priced at $1 million or more, which saw sales drop about 10% between June and July.