Denver home sales and prices drop in July, putting area brokers on alert
Home sales and prices in Denver slipped lower from June to July. But was that just the chain jerking on a roller coaster still headed higher or a housing market cresting its peak and about to send passengers on a wild ride?
“It is typical to have a seasonal slowdown every summer, but this summer has been slower than most and there is some speculation as to whether this is purely seasonal or may indicate a change in our fast-paced market,” Kelly Moye, a Boulder-area REALTOR®, said in a market update Thursday from the Colorado Association of REALTORS®.
The median price for single-family homes sold in all of metro Denver stayed flat at $410,000 from June to July, while median condo prices dipped 2.9 percent to $270,000, according to the report.
But in Denver County, the average price of a single-family home sold declined 2.4 percent in July from June to $560,150, while the average price for condos sold was down 4.6 percent, to $409,514.
“That is an enormous drop in the average price for month over month. That is the outlier, something that is not typical,” said Matthew Leprino, a managing broker with Leprino Home in Denver.