The latest housing market statistics report from REcolorado shows the start of summer cooling in July. The fourth of July brought with it a slight decrease in home sales, marking the beginning of a seasonal slow down in the housing market.
What does this mean for Colorado home buyers and sellers?
Slightly Lower Average Prices
Average home sale prices decreased for the first time since February, but not by much. The average home sale price peaked and reached a record high in June 2017 at $448,467. In July, this average home price dropped one percent to $444,108.
Fewer Homes for Sale
Even with the market cooling, the number of homes for sale is still lower than demand, keeping inventory levels tight. Fewer sellers put their homes for sale this month. New homes for sale was 15% lower in July than in June.
Though the number of homes for sale remains tight, July ended with six weeks of inventory (compared to only five weeks last month).
Competitive Home Prices
Homes priced between $300,000 and $500,000 sold the fastest, with an average of only 22 days on the market and accounting for nearly half of all home sales in July.
The market is showing signs of the typical seasonal cooling, but Colorado home buyers should still be prepared when it comes to finding a home in a fast-paced market.
Selling a home? Consider these tips for selling your home in a fast-paced market.
July 2017 Housing Market Report
For more information on Denver Metro real estate trends, view the REcolorado Market Watch Infographic for July 2017.
Each month, REcolorado provides an overview of key market statistics from the Denver Metro real estate market. To view past reports, see the REcolorado News Room. For additional insight into your local market and buying or selling your Colorado home, connect with a real estate agent.