Median home price in Denver experienced a minor but noteworthy uptick, registering a 0.69% increase from the previous month to reach $585,000. Additionally, on a year-over-year basis, there was a modest 0.86% increase in the median price, compared to the previous year when it stood at $580,000.

Active listings for the month of September saw an increase of 11.24%, reaching a total of 7,626. This represents a modest rise compared to the previous month, which had 6,858 active listings. However, when comparing September’s figures to the same period a year ago, there is still a 0.70% decrease in active listings.

New listings saw a minor decrease to 4,589, representing a 5.92% decline from the previous month when there were 4,878 new listings and a notable 12.61% drop compared to the same time last year when there were 5,251 new listings.

Pending home sales in September showed a noteworthy decline of 9.29%, signifying a considerable shift in market activity for that month. Nevertheless, when you compare this decline to the same period in the previous year, it’s evident that the impact was relatively milder, with pending sales only registering a 5.95% decrease, suggesting some resilience and stability in the market despite the recent fluctuations.

Closed sales witnessed a notable decline of 20.88%, with a total of 3,272, in contrast to the previous month when closed sales amounted to 4,013. In comparison to the previous year, the total closed sales amounted to 4,423, reflecting a notable 28.22% decrease from the same period.

The Close-Price-to-List-Price ratio continues to remain in the ninety-ninth percentile, indicating that despite these slight fluctuations, median home price in Denver remains robust in the Denver Metro area.

Buyers and sellers continue to find common ground and people are moving every day for a myriad of reasons. Notably, first-time home buyers are at the forefront of this trend, driving new loan applications. They aren’t bound by historical low interest rates and instead, they feel empowered to act based on the interest rates they are familiar with in the current market landscape

In many ways, this is the perfect market for first-time home buyers to seize opportunities. With interest rates at higher levels, these buyers have the advantage of negotiation rather than being compelled to engage in bidding wars, where they might have had to pay premiums of up to 10% over the asking price to secure a property, as was common over a year ago.

Overall, the Denver real estate market is showing stability and its capacity for incremental growth in home values over time.