June 2023 Market Update

We’re back with another update! The June 2023 information below wraps up through the end of May 2023. Home prices continue to rise and we lack inventory in most price ranges and zip codes. We have 1.25 months of inventory in all price points, meaning on average, buyers have 1.25 homes to choose from when they are shopping. Buyers remain picky with their purchasing power compressed by interest rates. The market in Denver is still strong. There are nearly 4500 pending transactions to wrap up the month.

Despite what the national headlines might read, we are still so far from the market crash of 2008! The data below goes all the way back to that time. You can see the trend lines for active and closing listings are very close to one another and are trending in the same direction. This is good news for the housing market overall. The housing market is resilient and we are nowhere near balanced. We would need closer to 6 months of inventory for buyers to be ‘balanced’. We’re only 20% of the way there.

Home prices also continue to rise in the Denver market. Despite a small dip at the end of the year when interest rates rose, we are trending back toward the highest median close prices ever! For attached homes, this is almost $700K and for detached, median prices are just over $400K.

Interested in more data? I get an amazing monthly report as a REALTOR and member of DMAR. Let me know, I’d be happy to share the data with you.