A big chill continued to descend on metro Denver’s housing market last month as home sales fell sharply and the number of listings continued to soar, according to aThere were 4,279 homes and condos sold in July, down 21.2% from June and 31.6% compared to July 2021. The number of active listings rose 21.5% from June to 7,361, an increase of 81.5% year over year. There were more than twice as many homes available at the end of July as at the end of April.
For condos and townhomes, the median closing price of $408,000 was down 5.1% from June and remains up 7.4% over the past year. Three months ago, the annual rate of appreciation was running 17.5% for condos. The rapid cooling, which is being driven by higher interest rates and much higher home prices, may leave some buyers concerned that the market is in a bubble that is losing air, one that they should try to wait out.
How tight is inventory? Even with the big increases the past three months, it still remains less than half of the 15,971 listings averaged at the end of July between 1985 and 2021.
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