As the kids head back to school, we tend to see a seasonal slowing of the housing market.
This August was no exception. According to REcolorado's monthly report on the residential real estate market, signs of the traditional end-of-summer softening were seen in the Denver metro and surrounding area. Prices dipped a bit, the number of sold listings decreased, and homes stayed on the market longer.
August brought continued moderation in sales prices for single family homes. The average sold price for a single family home in August was $363,625, down one percent from last month, but up 11 percent year over year. The average price for a single family detached home was $405,863 in August, while a condo/townhome saw an average sale price of $257,048.
œThe Denver area saw a strong summer selling season, thanks to low interest rates, increasing employment and confident consumers, said Kirby Slunaker, president and CEO of REcolorado. œThe slight slowing of the housing market, coupled with moderating prices and an increase in new listings that came on the market in August will offer buyers more choices as we head into fall.
As is typical for this time of year, August also brought a downtick in the pace of home sales. Month over month, home sales were down nine percent and there was a six percent decrease year over year.
With 9,144 active listings on the market, inventory of available homes in August was up two percent as compared to last month, but down four percent as compared to last year. The number of new listings that came on the market also saw a seasonal decline, down 14 percent month over month. However, as compared to a year ago, new listings were up 14 percent.
The market absorption rate continued to indicate a high level of demand for properties. There was a supply of just eight weeks of inventory at August month end.
During the month, homes stayed on the market an average of 21 days, a two-day increase as compared to last month, and an eight-day increase over last August.
Download a copy of this report.
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