DENVER – Home prices in the Denver metro area dropped slightly again in September, signaling that the typical seasonal slowdown is underway.
The median price of residential properties – both single-family detached homes and condos – was $375,000 last month, down from $380,000 the month prior, according to the latest data from the Denver Metro Association of Realtors. Condos saw the biggest price decrease, dropping 2.55 percent to $268,000.
The biggest change in September was the number of sold homes. While it’s typical to see a decrease of about 10 percent this time of year, last month saw more than 21 percent fewer homes sold. The double-digit decreases were consistent across single-family and condo properties.
According to DMAR, agents have reported that home showings are starting to slow down and some buyers are lowering prices to entice more buyers. Agents also are seeing an increase in homes falling out of contract and going back on the market.
That continues to push the number of active listings upward, but the market still has far fewer homes available now than it typically does, and compared to September 2016, home prices are up more than 8 percent.
“We’re starting to see a slowdown in overall housing market traffic even in the lower price ranges,” said Steve Danyliw, chairman of the DMAR Market Trends Committee. “Inventory continues to be in short supply and nothing that we can see will change that in the immediate future.”
As has been the case for the past few months, the condo market continues to improve with a nearly 10-percent increase in active listings last month and almost 20 percent more than the same time last year.