Denver median home prices for both segments dropped slightly in July from $601,000 to $600,000, but is still up from $590,000 in July of last year.

At month’s end, active listings reached 10,584, up 3.62% from last month and 68.03% year-over-year from last year’s 6,299. Year to date, active listings are up anywhere between 44% and 161% compared to three years preceding.

Meanwhile, new listings experienced a slowdown in July, with an 11.58% decrease in new listings month-over-month. However, compared to last year’s 4,789, new listings were up 7.58% year-over-year.

Denver median home prices for attached homes saw a slight increase to $415,000 in July.

Pending sales stayed steady month-over-month with a slight 0.18% decrease to 3,896. However, year-over-year, pending sales are actually up 4.31%

Closed sales at the end of the month totaled 3,708, showing a 5.19% decline compared to the previous month. Notably, closed sales were only down 4.68% year-over-year.

Denver median home prices for single family homes held steady at $660,000 in July.

Statistics indicate that we are moving towards a balanced market with 2.86 months of inventory, a number that has continued to grow steadily throughout the year. However, some price ranges and areas of town have simply become a buyer’s market due to the number of available options.

The median days on the market saw an increase to 15 days, up from the 13 days recorded in the previous month. Compared to last year, the median days on the market increased by 66.67% from 9 days.

Total sales volume hit $2.63 billion, down 6.41% from the previous month and 2.45% year-over-year.

Sales of new homes in July shot up more than 10% above June. The Denver median home prices is now more than 6% below its 2022 peak, while the supply of completed homes is up over 200% from 2022 bottom. Inventories are up nearly 20% in the past year, with the months’ supply of homes for sale near the highest in more than four years.

This year, the market has been as unpredictable as our weather. The adage in Denver is that if you don’t like the weather, wait 15 minutes. That advice rings true for many sellers, as patience might be the key to finding the right buyer. Amazing properties can languish on the market, while unremarkable homes sell immediately, leaving many questioning what is happening.