The total number of for-sale homes and condos in metro Denver rose by nearly two-thirds between May and June, and twice as many properties are on the market compared with just one year ago, The Denver Post reports. By the end of June, 6,057 units were available compared with 1,477 at the start of the year. The only downside—very few buyers can actually afford them.
Rising inventory is the direct result of elevated mortgage rates pricing out a growing share of buyers. The median price of a single-family home sold in June reached $673,873, a 12.3% year-over-year increase, and housing costs are expected to keep rising.
A separate report from real estate brokerage Redfin found that 46.9% of metro Denver home sellers had to lower their initial listing price in May, the third-highest ratio in the country after Provo, Utah, and Tacoma, Wash. The number of homes and condos sold in June in metro Denver fell 12.4% from May and is down 23.6% from June 2021, according to DMAR.
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