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Denver Housing Inventory Continues to Rise, Report Shows

Housing inventory across the country rose for the third consecutive month in July, as active listings were up 30.7%, according to a Realtor.com report.

 

The report highlights that while buyers had nearly a third more for-sale home options in July than in the previous year, competition remained in favor of sellers, with listing prices near all-time highs and homes selling faster than before the start of the pandemic.

 

“The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy,” said Danielle Hale, chief economist for Realtor.com, in a release. “Our July data shows elevated mortgage rates left many buyers tightening their budgets and sellers responding with price reductions, while home shoppers who kept searching saw more available options.”

 

Despite the rise of active listing, the data shows that competition remained largely in sellers’ favor, with listing prices near all-time highs and homes selling more quickly than before the pandemic.

The U.S. median listing price in July came in at $449,000, just $1,000 shy of June’s all-time high but up 16.6% year-over-year.

 

On a square-foot basis, year-over-year asking-price growth decreased slightly in July (+15.5%) from the June pace (+16.2%).

In the Denver-Aurora-Lakewood metro area, the median listing in July was $650,000, an 8.3% increase from last year. Active listings in the area were up 70.4% from the previous year.

 

Other key findings from the report:

 

  • Yearly growth in pending listing prices was smaller in July (+12.4%) than in June (+13.9%), marking the third consecutive month of deceleration. Additionally, 19.1% of homes had their price reduced in July, up from 9.4% in 2021 and surpassing the typical 2019 share (18%).

 

  • Median list prices increased year over year in 47 of the 50 largest metros, led by Miami (+36.2%), Memphis, Tennessee, (+32.7%) and Orlando (+28.4%), and declined in just three markets: Rochester, New York (-3.1%), Pittsburgh (-3.1%) and Cincinnati (-2.9%).

 

  • The typical home spent 35 days on the market in July, down two days year-over-year and 26 days from the 2017-19 average. Time on the market was fastest year over year in Miami (-16 days), Orlando (-6 days) and Tampa (-6 days).

 

  • In 24 metros, time on the market slowed from the July 2021 pace, most significantly in Austin, Texas (+11 days), Denver (+8 days) and Riverside, California (+7 days).

The full report and methodology can be viewed here.

 

 
By  and   –  Denver Business Journal