According to the latest Market Trends Housing Report and analysis from the Colorado Association of Realtors (CAR), temperatures ran hotter in July, but the housing market did not thanks to the continuation of elevated interest rates and a lighter inventory of active listings as more and more would-be sellers choose to sit on their low interest rate mortgages rather than move.

Inventory of active listings for single-family homes in the seven county Denver metro area fell 3.2% from June to July and are down just shy of 28% from a year ago. Townhome/condos were off 5.7% from June to July and are down 19% from July 2022. Statewide, the story is similar with active listings down 1% from June to July but down nearly 19% from July 2022. Active listings for townhomes/condos fell 3.2% over the past month and are down 9.4% from a year ago.

Also reflecting the slowdown of the market frenzy seen over the past few years, average days on market for all property types sits at 26 in the seven-county Denver area, up 73% from a year ago, while statewide, the 37 average days on market reflects a 42.3% increase over July 2022.

The combination of interest rates, inventory, and affordability factors has had its impact on median pricing as well. In the seven-county Denver area, median pricing compared to the prior year fell for the seventh straight month but still hovers near those peaks seen in the summer of 2022. A single-family home in Denver metro sits at $625,000 in July. Statewide, the year-over-year monthly decline hit its sixth straight month with single-family homes ticking down to $578,250. For the first time since February, townhome/condo median pricing rose 3.6% in the Denver metro area to $427,000 and 3.7% statewide to $425,000.

Are you considering becoming a homeowner this year or next? There’s no time like the present to start planning. Give Metrowest a shout today and let’s explore your options!