Monthly Market Update: July 2023

What happened in June? Let’s dive into it like kids into the pool on a hot day.

Rates are hovering in the 6% range regardless of loan type. 91% of current homeowners are locked under 6% interest rates. 62% of current homeowners with mortgages are locked in under 4%. And 23% are locked under 3%… lucky ducks.

Our median close price continues to rise, up to $600,000 and up over 1%. Past the 4th of July, the market typically slows, and we’ve even seen a bit of early slowing this year. There is 1.48 months of inventory on the market, meaning buyers across all price points have 1.48 homes to choose from right now. Our sales volume in Denver is nearly $3B. Pending transactions are up over 5% which is great news for sellers and buyers. Buyers are finding their perfect homes.

Our median close price is trending right back up to the record highs we saw in April 2022, right before the Fed hiked rates. We definitely saw a dip in prices from May 2022 through the beginning of 2023. Buyers are used to rates and understand they aren’t changing and the market is adjusting accordingly.

Overall, real estate stays strong. Buyers continue to buy and sellers continue to sell, just a little less so than a few years ago, and that’s ok. Buyer competition is lower and sellers are more willing to negotiate contract terms. If you have questions about what any of this means for you, please reach out. I love to talk one on one with friends, family, and clients about how to make the market work best for you.