Mortgage rates hit a 22-year high last month, surging to 7.5% on a 30-year loan before falling back to around 7% on news of slower-than-expected job gains this month. And according to a monthly update from the Denver Metro Association of Realtors, while those higher mortgage rates weighed heavily on metro Denver’s housing market in August, they didn’t break it.

The latest data shows the number of home and condo sales fell 2% last month to 3,792 and for the year the sales count is down 16.1%. Sellers obtained 99.46% of the list price last month versus 99.89% in July. The median number of days listings took to find a buyer rose significantly, from 9 to 11, a 22% jump.

New listings, which had been trending lower, rebounded 1.7% last month to 4,863 and are down 6.2% on the year. In July, the annual decline in new listings was running at a sharp 24.8%.

The available inventory of homes and condos listed on the market rose 8.9% from July to 6,858, which is just below the level of 6,939 seen a year ago.

Despite more expensive financing costs, home prices didn’t decrease. The median closing price of a single-family home held steady at $650,000 in August, matching July’s level, and remained ahead of the median price of $645,000 seen in August 2022.

For townhomes and condos, the median closing price last month was $419,950, nearly matching July’s median price of $420,000. Over the year, prices are up 5%.

Mortgage rates have backed off their recent highs and could drop even more if labor markets and the larger economy continue to soften, could improve affordability in the metro area. If you’re considering becoming a homeowner in 2023 there’s still time and opportunity. Give Metrowest a shout today and let’s see what’s out there!