According to the newest report from the Colorado Association of Realtors (CAR), last month we saw more days on the market, fewer listings and falling prices — all are indicators that July’s housing market was not as hot as last year,

All Colorado homes (including single-family homes and condos/townhomes) stayed on the market for 37 days, a 42.3% increase July 2022.

New listings decreased by 21.2% from last July, with 10,740 new homes across the state coming on board. The number of total homes across the state also shrunk by 16.9% from last year, to 18,210 listings.

Single-family homes in Colorado continued a six-month streak of declining median prices, falling to $578,250, according to the report. Across the state, the number of listings that sold last month fell by 15.7% compared to last year, to 7,758 listings.

Yet, while many metrics showed declines from last year for the statewide housing market, median and average prices showed small increases. Across the state, the median price of homes was $542,500, a .5% increase from last July, when median home prices were $540,000. The average sales price was $676,652, a 3.4% increase from average prices a year ago.

In addition, townhomes and condos rose in median pricing last month for the first time since February to $427,000 in the Denver area and $425,000 across the state.

In the Denver metro area, the median sales price for a residence (both single-family and townhomes/condos) was $579,000 in July, a slight 0.7% decrease from a year ago. The average sales price for all homes in the Denver area was $688,028 last month, a 0.9% increase from July 2022. The median price for a single-family home in the Denver metro area was $625,000, continuing a seven-month streak of declining home prices in Denver.

Last month, new inventory dwindled in the seven-county Denver metro area by 24.3% compared to July 2022, with 6,136 listings compared to 8,111 listings last year. Similarly, the inventory of active listings hovered at 9,242 homes, a 26% decrease from last year.

The number of homes that new buyers purchased was 17.4% lower than last year, with 4,643 sold listings in the Denver metro area. Homes are now lingering on the market for 26 days in the Denver area, a 73.3% increase from a year ago, according to CAR.

Many industry insiders feel that until interest rates change, the inventory will remain low, and some buyers will choose to sit on the sidelines.