The average home price in the metro Denver area rose by 11.8% year-over-year in September, up to $296,706, according to the Denver Metro Association of Realtors. But at the same time, the number of homes sold last month was down by 5.5% YOY, with 4,936 homes sold as opposed to 5,226 in September 2015. Inventory rose by 1.1% YOY, and houses now spend an average of 32 days on the market, instead of 29.
"Even though September produced a seasonal slowdown, indicators point to above-normal numbers of active listings," said Anthony Rael chairman of the DMAR Market Trends Committee. "Also, many home buyers are anxious to get locked into a low-interest home mortgage loan before the [Federal Reserve] likely proposes an interest rate increase at the end of the year."
As of now Denver’s home-price appreciation is among the fastest nationally, according to CoreLogic. In August, the Denver area’s appreciation rate was 10% YOY, 38 basis points higher than the national rate of 6.2%.