Denver metro average home price hits $802,973 in June for single family homes. This reflects a 1.79% increase from previous month, but when comparing year-over-year data, single-family homes have experienced a slight decline of 0.76%.

Active listings at month end steadily increased month-over-month this year, except for a slight dip in February to 6,070. This indicates an increase of 16.11% in comparison to May and the highest the market has seen since 2020. The rise in active listings can be attributed to several factors. Firstly, here has been an increase in the number of deals falling through due to inspection and appraisal issues. As interest rates approach the 7% threshold, buyers may become cautious due to rate pressure, which leads to a slowing in the housing market.

Additionally, buyers are becoming increasingly discerning and seeking homes that align closely with their desired specifications, particularly in terms of price. Thus, highlighting the importance of sellers carefully pricing their homes to generate interest and secure strong offers.

Pending sales from May to June increased 5.74% with a total of 4,385 pending sales. In contract to May where the pending sales were down 23.16% year-over-year, this month has shown a strong rebound and compared to last year, only decreased slightly to 4.13% year-over-year.  

Denver metro average home price for condos increased slightly to $484,734, but still down 3.20% year-over-year. The median days in MLS increased from 6 days to 7 days for both detached and attached homes, once again showing how fluid the market remains. The number of active listings for the condo market rose slightly to 1,670, which reflects a 10,74% increase from May.

The key takeaway from this month’s market update is that “As we navigate this housing market, we have observed a mixed bag of activity in both pending sales and closed transactions. Although the average home price in the Denver metro area has shown improvement in recent months, the market remains highly dynamic. However, it is crucial to note that if interest rates continue to rise, this could significantly impact the real estate market.”