According to Metrolist, Colorado's largest MLS and the provider of REcolorado.com, August housing numbers for the Denver metro and surrounding area showed signs of the traditional end-of-summer softening. Prices dipped a bit, the number of sold listings decreased, and homes stayed on the market longer.
"As the kids head back to school, we tend to see a slowing of the housing market; this year is no exception," said Kirby Slunaker, president and CEO of Metrolist. "The summer selling season was strong, and in many areas remains very active, with buyers quickly making offers on properties that are priced right."
August brought the trend of increasing prcies for single family homes, which began in February, to an end. The average sold price for a single family home in August was $329,396, down two percent from last month, butup six percent year over year.
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As is typical for this time of year, August also brought a downtick in the pace of home sales. Month over month, home sales was down seven percent and there was a seven percent decrease year over year. During the month, homes stayed on the market an average of 28 days, a two-day increase as compared to last month, and a 10-day increase over last August.
With 9,623 active listings on the market, inventory of available homes in August was relatively unchanged as compared to last month. As is typical for this time of year, the number of new listings that came on the market was down 13 percent month over month and saw an eight percent decrease year over year. 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, according to Metrolist.
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