What do these numbers mean? To help understand what these numbers mean to our local markets we are now including the number of sold comps during the past 30 days or 1 month.  Looking at our sold numbers over the past month allows us to calculate a monthly absorption rate.  An absorption rate tells us how many months it would take to sell off our entire inventory should we have no new listings.  A balanced market is considered 6 months.

Buyer Activity Picked Up in October
November 8, 2023

High mortgage rates and elevated home prices continue to impact the Denver metro housing market. The national average 30-year mortgage rate spiked to a 23-year high at the end of October, according to Freddie Mac and the median price for a Denver area home inched up 2% to $580,000. As a result, home sales lagged for the second consecutive month. The number of home closings was down 6% from last year. Year to date, home sales in the 11-county metro area are down 19% from last year.

In October, Denver Metro sellers added 3,803 new listings to the market, 1% fewer than last year. The number of new listings was down 17% from last month.

On a positive note, buyer activity picked up in October. The number of listings that moved into Pending status in the MLS was 1% higher than last year and 5% higher than last month. Those listings moved off the market in a median of 17 days. Listings are staying on the market a bit longer, which is helping inventory levels inch up. At the close of the month, there were 7538 listings actively available for sale.

The rental market took a breather in October. Throughout the month, 294 properties were leased using REcolorado MLS, 4% less than last month and 1% less than this time last year. The median leased price for those properties remained relatively flat.

Special thanks to Denver Metro Association of Realtors for the market stats/narrative.

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