Inventory in the Denver metro region housing market is growing, and although that indicates slightly more choice for buyers in a tough market, demand is also softening, according to a recent real estate report.

A typical seasonal slowdown in sales is being met with mortgage rates approaching 8%, and it’s keeping buyers on the sidelines and homeowners who landed record-low rates from listing.

The monthly Denver Metro Association of Realtors Market Trends report was released earlier this month, offering a look at September’s trends. The Market Trends report covers the 11-county metro Denver area, including Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.

The number of active listings in September rose by 11.24% from the previous month to 7,629. That was about 0.7% lower than September of last year. The month saw 4,589 new listings, nearly 6% less than what hit the market in August. The number of new listings also showed a 12.6% decrease from what the market saw this time last year.

Concession requests from buyers have been on the rise since the beginning of the year, and that trend held up throughout September, according to the report. Concession requests have been key to buyers navigating the tricky market, DMAR Market Trends Committee Chair Libby Levinson-Katz said in a news release.

The number of homes sold last month fell by 20.88% from August to 3,175 and plummeted 28.22% year-over. Sales volume fell 20.38%, from roughly $2.76 billion in August to $2.19 billion in September. September’s sales volume showed a 25.97% decrease from last year.

Could this fall be the right time for you to buy a home? There’s only one way to find out. Give Metrowest a shout today and let’s see what’s out there!