|Housing inventory continues increasing despite typical seasonal decrease, home prices fall and sales of single-family homes priced over $500,000 drop in September|
In September, housing inventory continued to move higher, even though it typically decreases this time of year, and home prices dropped nearly five percent since its record-peak highs this past May and June.
"The housing inventory and home price adjustments are normal and expected," said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Metro Denver REALTOR®. "What’s not normal? Sales of single-family homes priced over $500,000 dropping 33 percent from August to September. For those sellers, that’s real turbulence."
Looking deeper in the numbers, active listings in the residential market (single-family and condos) finished September at 8,807 total units, up a significant 16.10 percent year over year. The condo segment remains strong, up 21.13 percent year over year. The number of sold listings in the residential market decreased 28.91 percent compared to month prior, and 20.24 percent from last September. Year to date, 42,990 homes have sold - down 3.04 percent from 2017.