July Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
The average sales price of $743,572 in June rose 3.4% from last month and rose 3.6% from last year.
Quick Stats:
- The average number of active listings for June between 1985 and 2024 is 15,125.
- The record-high June was in 2006 with 31,900 listings and the record-low was set in 2021 with 3,122 listings.
- Historically, active listings increase by an average of 12.3 percent from May to June. This June's increase of 3.0 percent may signal a potential cooling in inventory levels.
Hi Everyone! We're at the halfway point of the year and the reality of the market is currently different from what many had hoped. Interest rates remain in the high 6s and low 7s and prices have flattened as a whole. It is nuanced as some sub-markets are appreciating while others are depreciating.
Even though inventory is up across all price points, buyers continually face the same problem: affordability. Monthly payments are expensive with the combination of high purchase prices and high interest rates. Prices and interest rates have remained steady all year, leaving buyers paying a premium to purchase a new home.
Thus buyer behavior throughout the year has been timid. Buyers are more calculated, concerned, and even anxious at the thought of spending so much money on a house. Most buyers who have successfully purchased a property this year have life circumstances that are the motivating factor to go ahead and move despite the constraint on their monthly payment.
The second half of this year will be fascinating. Will enough sidelined buyers from the past three years of high interest rates finally hit a tipping point? Will they decide the pain of their current living situation is greater than the pain of high interest rates? Only time will tell. I can see both scenarios where some buyers make a move this fall, while others continue to hold out hope that 2026 will deliver more affordability. Although if interest rates come down significantly, expect prices to start to climb yet again.
Thanks for reading! Please don't hesitate to reach out for data or advice for your specific needs.
Best,
Florence Realty Co.
