With home sales expected to be down 2.7% year over year, Denver’s real estate market is showing the first signs of slowing down.
Yes, but: Home prices are still up 14.4% as of May 2021.
Why it matters: We keep hearing about the market crashing, but so far, local data doesn’t support that claim.
Data: Redfin; Chart: Kavya Beheraj/Axios
What’s happening: From May 2021 to May 2022, new listings in Denver were up 6.2% and pending sales were down 2.7%.
Zoom out: Nationally, mortgage requests were down 24%, and 6.5% of sellers dropped their asking prices each week in June on average, according to Redfin’s market average.
Be smart: Inventory is still extremely low, which will continue to drive up home prices.
What to watch: New articles and pending sales. If more names flood the market this summer and consumers become more cautious, then we would start to see more power shift into the hands of consumers.
Support local journalism by becoming a member.
More Denver stories
Get a free daily digest of the most important news in your backyard with Axios Denver.
Support local journalism by becoming a member. Read also : Jim Cramer says investors can hide in these three recession-proof packaged food stocks.
