Denver area housing market cooled slightly in June, with active listings reaching 10,214 and closed sales dropping 17.07% from May.

Active listings in June reached 10,214, reflecting an 11.52% month-over-month increase and an astounding 68.27% rise from the previous year. For perspective, active listings last year were at 6,070.

A bright spot was pending home sales, which saw a modest increase of 1.43% from May, reaching 4,056. Year-over-year, pending home sales were only slightly down 0.71%. This indicates that the Denver area housing market remains resilient.

In June, closed sales totaled 3,678, representing a significant 17.07% decrease from May and a 16.73% decline compared to the same month last year, when 4,417 homes were closed. This decline highlights a notable shift in the Denver area housing market compared to the previous period.

The average price for single-family homes rose slightly to $801,143, marking a 0.10% rise from the previous month and a 0.11% increase from last year.

The median days in the MLS for Denver area housing market rose 33.33% from May to 12 days and a staggering 71.43% from the previous year.

Another bright spot was in attached homes, such as condos and townhomes, where the average price increased slightly by 2.96% from the previous month, though it decreased by 2.23% from last year.

The Close-Price-to-List-Price ratio remains high at 99.56%, only down 0.23% from the previous month and 0.65% year-over-year.

The main culprit of higher interest rates is easy to identify. However, contrasting perspectives on the market have been appropriately captured by memes circulating the internet: buyers fear a repeat of 2008, sellers hope for a return to 2021 conditions, and renters expect interest rates to drop back to three percent. While none of these views are true, the increasing inventory is moving our Denver area housing market towards a balanced market, with the current months of inventory sitting at 2.78.