DENVER – The cost of buying a home in the Denver metro area dropped slightly last month amid some early signs that the city’s red-hot housing market may be cooling down.
The median sale price of residential properties – both single-family homes and condos – was $385,000 in July, according to the latest data from the Denver Metro Association of Realtors. That’s down from $389,000 in June.
Despite July's decrease, the upward trend in home prices continues overall. The median sale price in July was nearly 10 percent higher than the same time last year.
The available real estate inventory in metro Denver continues to increase with each passing month but it’s still far below historical averages and hit a new record low for July at just 7,352 homes for sale. The average number of listings for July is 17,377.
The number of sold listings, on the other hand, was down almost 20 percent in July. The typical seasonal decrease in sales is about five percent.
“While the decrease in sold listings may raise some concerns, those concerns can be mitigated as year-to-date sales are still up 4.69 percent compared to 2016,” said Steve Danyliw, a Denver-area real estate agent and chairman of the DMAR Market Trends Committee.
The most expensive single-family home sold in the area last month was a $4.8 million, 4-bedroom house in the Cherry Creek area. The most expensive condo sold was $4.95 million.