Metro Denver’s housing market slowed in July, with closings down from June and the inventory of available homes remaining tight but rising at a record rate, according to the monthly Market Trends Report from the Denver Metro Association of Realtors.
Buyers closed on 5,820 homes and condos in metro Denver last month, down 12.3% from June’s count and 21.3% from July 2020. The inventory of residential properties available for sale at the end of July was 4,056, a nearly 30% increase from June.
“As the trends shift away from a hot summer market, the question at the forefront of everyone’s mind is ‘Are prices going to come crashing down?’” Andrew Abrams, chairman of the association’s market trends committee, said in comments accompanying the report.
The median price of a single-family home sold in July was $600,000, which matched June’s median price and reflects a 20% gain from last July. The average closing price was…