June 2023: Denver Real Estate Market UpdatePosted by Neil Walton on
The Greater Metro Denver housing market continues to sizzle across most price ranges, surpassing pre-pandemic levels. The persistent heat can be attributed to a scarcity of available homes as homeowners are reluctant to sell, causing a limited inventory. However, we expect the inventory to gradually increase and peak during the summer months.
Notably, there has been a noticeable decline in buyer demand due to interest rates hovering around 7%. Homeowners are understandably cautious about making a move amidst these higher rates. As a result, year-to-date closings have seen a 22% decrease compared to the previous year.
While the overall market still favors sellers, the balance shifts towards buyers as the sales price increases. Single Family Homes…
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