Inventory in the Denver metro region housing market is growing, and although that indicates slightly more choice for buyers in a tough market, demand is also softening, according to a recent real estate report.
A typical seasonal slowdown in sales is being met with mortgage rates approaching 8%, local realtors say, keeping buyers on the sidelines and homeowners who landed record-low rates from listing.
The median sale price for houses and condos grew 0.69% to $585,000, which was a year-over-year increase of 0.86%. Sellers were securing 99.19% of their listing price, a 0.27% decrease from August but a year-over 0.31% increase.
Of note, properties sat on the market for an average of 30 days, a 15.38% increase from August, when properties took an average of 26 days to sell.
