Though the housing market is still hot in most metro areas across the United States, Denver is seeing a major cooling period with fewer home sales and active listings during the month of October.
Year-over-year sales of single-family homes in Denver are down by a fifth, likely because of waning supply with one of the lowest inventory declines on record, according to The Denver Post.
Sales of single-family homes and condos fell 8.3% to 5,169 between September and October and they are down by a fifth from October 2020. But that slower pace of closings didn’t translate into a higher supply of unsold homes lingering on the market. The inventory of 3,376 homes and condos at the end of last month represents a 15% decline from September and a 30% decline from October 2020.
It is common for the number of active residential listings in metro Denver to drop between September and October as activity slows. Since 1985, that monthly drop has averaged around 5.8%. October’s inventory decline of 15% marks the second largest on record after a 16.8% decrease in October 2017, according to the report.
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