Denver’s housing inventory is not as robust as in years past, and in July buyers scrambled at record paces to snap up whatever might be left.

According to a report from the Colorado Association of Realtors (CAR), a record 10,771 single-family homes sold statewide in July, jumping 15.7 percent compared to June, and up 21 percent from the same time last year. Also setting records is the median home price, which hit $443,925, ticking up 4.5 percent from the prior month, and 8.6 percent from a year ago.

CAR numbers reveal that active listings dropped more than 11 percent from June, according to the report and 42 percent from last year. The lack of inventory and low interest rates is driving prices up while the economy shrinks and unemployment skyrockets due to the COVID-19 pandemic.

Other report highlights include:

·       More than half of statewide home sales occurred in the Denver metro region, which includes Boulder and Broomfield.

·       The average price of a home in the Denver metro jumped to a record $601,863 in July, a 7.68 percent increase from June.

·       Townhomes and condos are lagging behind the broader market. CAR representatives think this may potentially be reflecting a preference for larger homes and space to spread out with people spending more time at home.

While Denver’s market still favors sellers, would-be homeowners can still find deals if they know where to look. Contact Metrowest today – we would love to help you start the process!