“We are observing a rise in inventory and a corresponding decline in demand, causing a shift between supply and demand dynamics, ultimately resulting in seasonal price reductions.”
Megan Aller, First American Title
Home Prices Down -0.34% Percent From Last Year
- The average home sold for $713,674 in June 2023
- The average single-family home sold for $802,973
- The average attached home sold for $484,734
June Interest Rates Update
Since November 2022, the 30-year fixed mortgage rate has remained consistently between 6 and 7%. In June 2023, they peaked at 6.81%.
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 6,070 attached and detached homes available in the entire Denver Metro area. This is historically and seasonably low. This means that buyers are seeing tough competition for homes in popular neighborhoods, that are well-priced, and for move-in ready homes.
Affordability remains a serious issue for Denver home shoppers. The median sales price is $600,000.
New listings are down year-over-year with 5,628 new homes hitting the market (down from 7,733 last year). However, active listings (listings sitting on the market) are up 0.21% percent.
Furthermore, “days on market” is up 109.09% percent from last year to 23 days.
How Interest Rates Affect Your Monthly Payment
This year, the rate for a 30-year fixed mortgage has been varying between 6% and 7%. Even a small increase of 0.25% to your monthly payment could result in a significant change to your overall monthly payment.
How Usaj Realty Can Help
Founded in 2011, Usaj Realty takes pride in assisting Denver homebuyers and sellers to reach their goals. We are available to assist you in beginning to create financial stability and securing generational wealth for the future.
Get in touch with our outstanding agents today to receive guidance on the Denver housing market.