DENVER — The red-hot housing market in the Denver metro area is showing signs of cooling, according to the August Denver Metro Real Estate Market Trends Report.
The report released Friday shows both average and median prices have dropped from June, and buyer activity has slowed amid higher inventory, which the report assesses may be attributed to the historic increases in Denver home prices.
The median price for a home in metro Denver in July was $417,500, a 0.60 percent decrease from the previous month.
“Can a cooling market be considered positive? To most sellers, no, but honestly, they have experienced unprecedented equity growth over the past several years. It’s time to share the love and keep home buying an option in the Denver Metro area,” said Denver REALTOR Chairman Steve Danyliw in a press release.
According to the report, active listings in the residential market (single-family and condos) were at 7,643 total units in July, up 3.96 percent year-over-year. The number of sold listings decreased by 15.65 percent, compared to the previous month and 8.54 percent from last July.
The highest priced single family home sold in July was $4,036,670 representing six bedrooms, five bathrooms and 5,424 above ground square feet in Denver, the report read.