Denver Metro Housing Market Shows Seasonal Cooling in July 2024

Seasonal Slowdown: July often brings a slight cooling to the Denver Metro housing market, as the Independence Day holiday and summer vacations take precedence for both home buyers and sellers. This year was no different. The number of home closings in July saw a slight decline compared to last year, down by 1% from the previous month. However, the median closed price for homes held steady at $600,000, reflecting a 2% increase from last July and no change from June.

New Listings Continue In July: One of the standout trends this July was the rise in new listings. Sellers added 11% more listings to the market compared to the same time last year, although this number was 7% lower than in June. This steady influx of new listings has pushed standing inventory levels to their highest in a decade, with 10,541 homes actively for sale in the REcolorado MLS at the time of the data pull.

Market Watch Full Report July 2024

Pending Sales: Despite the increase in inventory, the number of listings pending sale in July was 4% higher than last year and marginally up from the previous month. However, as more homes become available and demand wanes, buyers are taking longer to make decisions. In July, it took a median of 16 days for homes to move from active to pending status, which is a week longer than the same time last year.

Activity By Price Range: The market's most active price range in July was $500,000 to $600,000, with 728 closings and 1,016 new listings. Homes in this price range typically spent a median of 16 days on the market. The $1 million to $2 million price range also saw notable activity, with 401 closings and 575 new listings, and homes were available for a median of 17 days.

Recap: Overall, the Denver Metro housing market experienced a typical summer slowdown in July. While inventory levels have risen significantly, providing more options for buyers, the market remains stable, with prices holding steady and slight increases in pending sales. As we move forward, the market may see renewed buyer interest, especially if mortgage rates continue to drop.

July 2024 Metro Denver Real Estate Snapshot

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