Average home price in Denver area jumps 4.93% to $708,072 for the month of October for both segments. The year-over-year average home price continued its upward trend, by a 3.70% increase compared to last year’s figure of $682,837. This steady growth reflects the ongoing strength of the housing market, indicating rising demand and higher valuations. Despite various market fluctuations, home prices have consistently appreciated, demonstrating the resilience of the real estate sector over the past year.

Active listings at month-end dropped slightly to 10,940, reflecting a modest 1.57% decrease from the previous month. However, the year-over-year change was much more significant, with listings up by 46.22% compared to last year’s 7,482. This substantial growth highlights a notable shift in inventory levels over the past year and reflects more of a balanced market.

New listings saw a notable decrease of 7.16% compared to the previous month, resulting in a total of 4,691 new listings. Compare that to last year’s total of new listings of 3,828, this reflects a 22.54% increase.

Closed homes totaled 3,443 for the month of October, which was a 2.35% increase compared to last month. This is likely due to the dip in rates within the month of September, as homes that went into pending status the prior month closed in October.

Average home price in Denver area for single-family homes jumped 3.97% in October, reaching $778,443, compared to $749,694 in September. On a year-over-year basis, prices are up by 1.42%.

The average price for condos and townhomes saw a modest increase of 2.33% in October, reaching $465,005. However, on a year-over-year basis, prices in this segment are down by 3.66%.

Sales volume climbed 7.40% in October to $2,437,892,088. Compared to the same time last year, sales volume has seen a significant increase of 11.95%.

If the Federal Reserve does lower rates this month and again in December, we may be set on a path for a strong 2025 as conditions normalize and home prices stabilize.