The Real Estate Dog Days Of Summer
Housing market activity within the expansive 11-county Denver Metro area demonstrated continued limitations during the month of July. Notably, the number of closings for pre-existing homes saw a significant decline of 14% in comparison to the same period the previous year. Such a decrease in closings during July is not uncommon due to the prevalence of summer vacations and the celebrated July 4th holiday. Furthermore, when juxtaposed with June's figures, an observable 12% reduction in closings was registered.
Reflecting on the financial aspect, the median price attached to homes within the Denver Metro area during July amounted to $591,200. This valuation represents a marginal decrease of less than one percent in contrast to the corresponding period of the prior year. Interestingly, despite witnessing a succession of five consecutive months with progressive month-to-month increases, the home prices experienced a 1% dip as they transitioned from June to July.
Analyzing the dynamics of potential home buyers, a slight decline in their activity manifested itself during the month of July. Evidently, the total count of listings that were in the process of pending sale amounted to 4,080, thereby reflecting a diminution of 3% in comparison to the analogous time frame in the previous year. Additionally, this figure registered a 1% reduction when measured against the previous month.
Within the domain of property sellers, an intriguing pattern emerged. Fresh listings introduced to the market by sellers numbered 4,817, which marks a noteworthy decline of 24% when contrasted with the equivalent statistics from the previous year. Furthermore, these newly listed properties showcased a reduction of 12% compared to the statistics from the previous month.
Meanwhile, a contrasting trend was observed in the sphere of leased properties utilizing the REcolorado MLS platform. During July, the number of properties successfully leased exhibited a commendable increase of 24% as compared to the same period in the previous year. Concomitantly, the median price attached to these leased properties experienced a 3% upsurge from the statistics of the preceding year. By the conclusion of the month, a total of 544 active rental properties lingered on the market, poised to fulfill the diverse needs of potential renters.