The number of homes available for sale in metro Denver spiked in July, while home sales dropped and prices flattened out, providing further evidence that one of the country’s hottest housing markets might be topping out, according to a report Thursday from the Denver Metro Association of Realtors.
The inventory of homes available for sale at the end of July in an 11-county area centered around Denver stood at 7,470, up 20.5 percent from June — still far below historical levels.
The number of homes sold dropped 9.7 percent to 5,484 in July from June. The median price of a single-family home sold, $350,000, was 2.8 percent below June’s median. The median price of condos sold, $215,000, was down 0.35 percent from June.
“This is all welcome news for homebuyers who have survived the recent months of market frenzy,” said Anthony Rael, chairman of the DMAR market trends committee in an analysis of the numbers.
Plenty of pent-up demand remains. Single-family homes spent an average of only 22 days on market, down from 26 days in June and 29 days in July 2014.
