Statewide Sales for September Slouch, Offer Ownership Opportunities
September Market Trends statewide showed that sales for single-family homes decreased by 24.89% in September compared to September 2021. The number of listings that sold last month decreased by 24.69% year over year. “The best news is that we are seeing the market start to balance in all price ranges,” according to CAR Spokesperson Sunny Banka who works in the Aurora market, where the number of closed properties declined 32% from last year.
In Denver, the median sales price increased by 7.8% from September 2021, which marks the first time in four years that annual home price appreciation is in single digits again. This is also the lowest number of home sales in over six years according to CAR Spokesperson Matthew Leprino from Denver. “It’s important to consider this metric as it represents that there has not been a ‘crash’ but rather a simple, ordinary correction,” he said.
CAR’s changing Market Trends from October also sparked a look into Denver County’s Assessor’s data for foreclosures in 2022. After more than a decade of a declining number of foreclosures, the rate increased by 255% just this year.