Denver-area home prices hold steady in June; up nearly 8 percent year-over-year

Denver-area home prices hold steady in June; up nearly 8 percent year-over-year
Posted at 8:14 AM, Jul 05, 2018
and last updated 2018-07-05 10:14:08-04

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DENVER – The median home price in metro Denver remained unchanged in June, signaling that the area’s real estate market may be hitting its seasonal peak.

According to the latest data from the Denver Metro Association of Realtors, the median residential sale price in June was $420,000. That includes detached single-family homes and condos.

The median price for detached homes was $452,500 while condos sold for a median of $305,000.

While the metro-wide median is unchanged from May, it represents an increase of 7.69 percent compared to June 2017, when the median price was $389,000.

Since July usually brings a peak in prices for the year, it’s likely we’ll start to see prices begin to drop slightly as summer winds down.

“Signs are pointing to more balance in the months ahead, as sentiment amongst Realtors is that the days of an extreme seller’s market may be behind us,” said Denver-area Realtor and chair of DMAR’s Market Trends Committee Steve Danyliw. “June saw increases in inventory, days on market and months of inventory, which is good news for homebuyers.”

The number of active listings on the market last month was up by more than 15 percent for a total of 7,436 homes, according to DMAR. The historical average for the month is nearly 17,000.

The most expensive home that sold in all of metro Denver last month was a seven-bedroom, 10-bathroom home in Cherry Hills Village that sold for $7,500,000.