Finally some good news for Denver-area house hunters.
, the average price for a detached home has fallen by more than $25,000, slipping below $800,000 for the first time since March.
The survey focuses on greater Denver, an eleven-county zone that includes the core metro counties as well as contiguous areas such as Gilpin, Clear Creek, Park and Elbert counties. In July, the average price for a detached home in this area settled at $781,631, down from the adjusted figure of $807,002 in June. The median price is also incrementally lower: $650,000 in July versus $670,000 in June.
Such developments are relatively commonplace during the hottest days of summer along the Front Range, and the report's authors see their return as evidence that the market is becoming more balanced. Nonetheless, a graphic from the report built with figures from January 2008 to July 2022 reveals that active listings at the end of the month hadn't exceeded the closings total in two years...until now.
But in both November and December, the average again broke the $700,000 barrier, landing at $704,716 at the end of the year before descending to $688,127 in January 2022. This drop proved short-lived, however: The February 2022 average, adjusted to $738,472, was the highest ever recorded by DMAR, and March hit $793,836. But April's $825,073 figure left that in the dust, and a dip in May to $803,835 was followed quickly by a bump of more than $3,000 in June.
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