With pending home sales down 2.7% year over year, Denver’s real estate market is showing early signs of slowing down.
Yes, but: Home prices are still up 14.4% from May 2021.
Why it matters: We keep hearing about a market crash, but so far, local data doesn’t support that claim.
What’s happening: From May 2021 to May 2022, new listings in Denver were up 6.2% and pending sales were down 2.7%.
- More buyers are holding off as home ownership becomes too expensive.
- This comes after mortgage rates surpassed 5% for the first time in 10 years.
- More sellers are dropping their asking prices. Denver saw a 48% increase in price reductions year over year in May, according to Redfin.
Zoom out: Nationally, mortgage applications were down 24%, and 6.5% of sellers dropped their asking prices each week in June on average, per Redfin’s latest market update.
- Also in June, national pending home sales were down 13% from this time last year — the largest decline since May 2020, Redfin’s report stated.
Be smart: Inventory is still critically low overall, which continues to push home prices up.
What to watch: New listings and pending sales. If more listings flood the market this summer and buyers don’t bite, that’s when we would start to see more power shift into buyers’ hands.
Denver’s real estate market is shifting, slightly & Latest News Update
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