If this ain’t the housing market turning around, I don’t know what is
The number of homes for sale in the Denver metro area have reached highs not seen since 2013.
At the beginning of 2024, the region saw a surge of new listings flood the market. There were nearly 11,000 homes for sale at the end of August, up 56% from last year, according to the Denver Metro Association of Realtors Market Trends report released Thursday.
Despite the most available options Denver has had in a decade, buyers aren’t biting.
The number of closed sales last month fell 10% from last year. August 2023 saw more than 4,000 closings and this year saw 3,600.
Homes are also sitting on the market longer.
The number of days a home is listed on the market has nearly doubled from the same time last year, jumping from 11 days to 21 days.
Yet, most homes are still selling at a higher price. The median sales price in Denver was $590,000 in August, down nearly 1.7% from July as the summer selling season wrapped up, but up 1.4% from the previous year.