Nov 01, 2013

October 2013 Denver Housing Report (archived)

- originally posted October 1, 2013 -

September marks the 3rd month in a row that home prices HAVE NOT increased. Average prices for single-family homes are currently holding steady just below the $350k mark, while the average price for condos is slightly under $200k. Although July was our high month for total home sales peaking at over 6100 units (metro-wide), last month's sales were still very strong at 5600 units, which rivaled June and May. See the graphs, below.

Given that interest rates have risen almost a full percentage point since early summer, its not surprising that the pace of home sales has begun to slow. On the new home front, reports are coming in that builder sales actually increased last month. All things considered, the numbers show that there's plenty of reason for the markets to remain very active throughout the remainder of this year.

In other market news this month, active listing inventory continues to rise. The monthly increases haven't been all that impressive, but it's welcome news nevertheless. The Denver real estate market is still absorbing inventory at a rapid pace. Here's a snapshot of the available supply of homes by  price range. Even though supply is rising, it's still extremely low under the 500k. In a healthy and balanced real estate market, we need to see between 4-7 months supply in most price brackets.

Till next month,

Average Home Price & Solds Graphs

Average Home Price, Inventory, & Days-On-The-Market Graphs

Check Out Today's Interest Rates

Today's Interest Rates

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Originally posted at: Average Home Price And Trends Report. Data provided by Metrolist. Graphs copyright© Michael Dagner Group. All information deemed accurate, but cannot be guaranteed. Image attribution - percent - www.sxc.hu

Michael Dagner

Michael Dagner is a real estate professional in Denver, Colorado.