Interest rates are up over two points from last year and continue to rise. This alone will reduce the number of buyers in Denver’s expensive housing market. What else is shifting? The number of active listings per day in Denver has tripled since the first quarter. At the beginning of the year, there were roughly 400 homes for sale in Denver per day. With more buyers than supply of houses, prices soared above list price. Currently we’re seeing around 1,200 active listings (and rising). With a reduction in buyer demand due to higher interest rates, inflation, and recession fears, it’s no surprise we are beginning to see more price reductions.
It’s too early to speculate how median sales prices will fare but we will be keeping an eye on it. For a more in-depth dive into this month’s stats head over to our YouTube channel for more!
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