Reduced buyer activity and a jump in inventory – particularly in the condominium market – pushed home prices lower compared to the previous month. Other vital statistics for the month include:
•Total inventory increased 11 percent compared to the previous month and 6 percent compared to the same time a year ago;
•Days on market remained low, increasing slightly to 20 days for detached single family (DSF) homes and remaining at 17 days for attached single family (ASF) homes; and
•The percent of homes under contract in 7 days or less dropped to around 48 percent for DSF and 55 percent for ASF.
Inventory is expected to continue to rise through September and then taper off through the end of the year. Another factor that may contribute to a cooler real estate market is lower demand. In 2018, apartment construction in the Denver metro area has accelerated at a rate faster than any other large metropolitan area, and rent prices have stabilized, which means there may be fewer renters looking for the stability of home ownership.
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This update is based on information from REColorado®, Inc. provided by Land Title for the period of July 1, 2018, through July 31, 2018, for Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson Counties. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market.