July brought scorching heat and a housing market to match! Almost 15% more homes were sold this July than last, and the median home price was over 5% higher.
The average days homes in Denver spent on the market was 27 this July, significantly higher than July of 2018. While Denver’s housing market is still a sellers market overall, with 1.8 months of inventory, the surge of luxury high rises in Denver has swung the luxury condo market favor back to the buyers. The Denver Metro Association of Realtors’ July report shows 5.6 months of inventory for attached homes priced between $750,000 and $1 million.
Interest rates crept downward again this in July and the median home price was slightly lower than last month offering a bit of relief to Denver area buyers.