June metrics point to a significant shift in the market after policymakers approved the biggest interest rate hike in 28 years. Affordability became a significant consideration as the prospective monthly payment on a typical new mortgage increased.
After a slight decrease in May, home prices leveled off in June. The median closed price for a home remained at $615,000. Prices are still a median of 13% higher than we saw at this time last year.
Buyer activity cooled in June. The number of closings was 20% lower than last year and 7.5% lower than last month. The number of contracts written on homes also dipped, indicating July sales will also see a year-over year decrease.
The number of new listings coming on the market stayed steady while the number of contracts written on homes decreased. As a result, weeks of inventory moved to 5 and the number of listings actively for sale at the end of the month was almost twice as many as we saw at the end of May giving buyers more choice.
Compared to June 2021 the number of listings that closed in the Denver Metro Area was 20% lower. Month over month closings decreased 7.5%. This is the first decrease in closed listings we’ve seen this year.
-22% year over year
Buyer activity pulled back in June thanks in part to rising mortgage rates. The number of contracts written on listings was 22% less than last June and fell 16% month over month. This is the first drop in the month-over-month measure of pending listings since December 2021.
– 22% year over year
Although home prices are still 13% higher than we saw last year, median closed prices stayed steady from May to June, at $615,000. The median price of a single-family house inched down $2,000.
+ 13% year over year
The number of new listings sellers brought to the market increased once again this month. As compared to June 2021, the count of new listings was 4% lower.
-4% year over year
Days in MLS
Listings took one day longer to move to the Pending status in the MLS as compared to both last year and last month.
The amount of standing inventory is nearly double what it was last year at this time as buyer demand declined in June. The number of listings actively for sale at the end of the month was nearly double what we saw last year at this time. Gross sales volume also reflected a decline as a result of the decrease in closings.