Denver Metro Market Stats: October 2023

Dated: November 25 2023

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Denver Metro Market Stats: October 2023




Buyer Activity Picked Up in October

November 8, 2023

High mortgage rates and elevated home prices continue to impact the Denver metro housing market. The national average 30-year mortgage rate spiked to a 23-year high at the end of October, according to Freddie Mac and the median price for a Denver area home inched up 2% to $580,000.  As a result, home sales lagged for the second consecutive month.  The number of home closings was down 6% from last year. Year to date, home sales in the 11-county metro area are down 19% from last year.

In October, Denver Metro sellers added 3,803 new listings to the market, 1% fewer than last year.  The number of new listings was down 17% from last month.

On a positive note, buyer activity picked up in October. The number of listings that moved into Pending status in the MLS was 1% higher than last year and 5% higher than last month. Those listings moved off the market in a median of 17 days. Listings are staying on the market a bit longer, which is helping inventory levels inch up. At the close of the month, there were 7538 listings actively available for sale.

The rental market took a breather in October. Throughout the month, 294 properties were leased using REcolorado MLS, 4% less than last month and 1% less than this time last year. The median leased price for those properties remained relatively flat.

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Mike Cerrone

Love to help people achieve their goals and dreams.  Fourth generation Coloradoan with deep roots in the community.  Real estate agent since 1993 specializing in the Metro Denver market....

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