Denver market did what in July?

[Kenny Smith]

July was an interesting month when it came to the Denver real estate market. We saw the market building steam starting in March and became RED HOT by June.

July started to paint a different story though. Inventory started to increase to over 6k homes on market or up 9% month over month. We haven't seen 6k homes on market since late November '22.

We ended the month with median home prices down from $595k to $588k, and median days on market went from 9 to 11.

There could have been some seasonality coming into play as historically June will be the busiest month of the year when it comes to lowest days on market and highest median home price. However, rates seems to continue to inch up, with a 30 year fixed conventional mortgage averaging at over 7% nationally.

If rates and inventory continue to rise, the buying pool could start to "hold off" until rates come down. If this happens, I would project home prices to continue to see a downward trajectory.

The next couple of months will certainly be interesting to see how it all plays out...