Notes from the field (June 2024)

Denver housing inventory nears pre-pandemic levels; prices level off

The housing market is starting to loosen up.

Months' supply of homes for sale increased to 2.7 in May, up from 2.1 in April and 1.9 in March.

The median home price in the Denver Metro area last month was $665K, slightly up from $663K in 2023 but down from $675K last month. New listings jumped by 39% year-over-year, making it the biggest month for listings since June 2022.

Total active listings also rose meaningfully, up 37% year-over-year to 7,147 homes. This brings us closer to pre-pandemic levels than we've seen in recent years. While pending sales dipped a bit month-over-month, they were still higher than last May.

Closed sales hit 3,612, the highest number since last year, marking a 9% increase from last May. Homes are flying off the market faster, with the average time on the market dropping to just 7 days, down from 37 days in January!

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Mortgage rates hovering around 7%

Rates were expected to fall consistently throughout the year as inflation concerns eased. However, market volatility has persisted.

Despite elevated borrowing costs, demand for housing remains strong, keeping home prices high. Low inventory has also supported the housing market. If inventory begins to exceed demand, home prices could soften further.

Thanks for reading! :)

Warm regards, 
Jen and Chad