According to the latest data from the Colorado Association of Realtors (CAR), June was a strong month for new listings, which helped give potential homebuyers a little hope and opportunity. However, the volume of sales and homes going under contract continued to grow as well pushing the median sales price for single-family homes in the seven-county Denver metro area and statewide to record highs.

In June, Denver metro new listings jumped 24% to a little more than 7,000 single-family units, while statewide the increase was 20% to just over 12,000 homes. But those gains were pretty much offset by the nearly 6,000 homes under contract in the Denver metro area in the same month, and 10,256 statewide. Moreover, 5,500 single-family properties closed in the Denver metro area, with 9,857 sold homes statewide.

The results: median pricing continued to rise reaching new records in the Denver metro area, $585,000, up nearly 26% from a year ago. Statewide, the median single-family price hit a record $530,000, up more than 24% from June 2020. While median prices are rising, industry experts are seeing a slowdown in terms of showings, offers received, and even price reductions on homes that haven’t sold.

With the percent of list price received still at record highs, 105.4% in the Denver metro area, and 104.4% statewide, available inventory continues to move from list to sale at record speed – just 10 days in metro Denver and 23 days statewide, both record lows. All these conditions have pushed the Housing Affordability Index, a measure of a region’s housing affordability based on interest rates, median sales price, and median income by county, to record lows as well.

It will be interesting to see how or if these patterns will continue into the fall, but one thing is for sure: now could be a great time to reach your goal of homeownership. The first step is getting an experienced pro on your side, so contact Metrowest today and let’s discuss your options!