CAR: Denver, state home prices off record

Highlights:

• CAR releases July report.
• CAR releases statewide stats, as well as data on Denver metro area.
• CAR finds prices cooled from record June levels, but up YOY.

Housing sales and prices rose in July from July 2014 in Colorado and in the Denver metro area last month, while inventory levels fell to the lowest record for a July, according to market statistics released on Tuesday by the Colorado Association of Realtors.

And in the Denver metro area, the average days on a market for a single-family home was only 21 days, an all-time low, the data gathered by CAR shows.

However, on a month-to-month basis, in Denver and statewide, there was the typical seasonal drop off in activity from June.

Because of the 4th of July holiday and vacations, housing sales often dip in July from June.

After six consecutive months of steady movement upward, sales of single-family homes statewide declined 4 percent to 8,700 in July from 9,069 in June.

However, statewide sales were up 4.8 percent from 8,304 in July 2014, CAR reported.

There were 2,761 condo and townhome sales across all of Colorado last month, a 2 percent drop from 2,817 in June, but almost a 13 percent gain from 2,446 in July 2014.

The statewide median price of a single-family home dipped just under 2 percent to $310,000 in June from the record $316,000 in July.

However, prices were up 10.7 percent from $280,000 in July 2014.

And the average price of a single-famly home sold last month was $407,474, down 1.76 percent from the all-time high of $414,755 in May. Prices also were down 1.75 percent from $414,710 in June, CAR reported.

Still, the month-to-month drop in July suggests that the aggressive price increases characteristic of the past two years may be slowing down or leveling off, according to CAR.

Although low inventory continues to be a serious issue in all areas of Colorado, with fewer buyers in the market in July, the real estate environment was not as competitive, as it has been, according to CAR.

There were 4,471 single-family homes sales in the metro area of Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson counties.

That is a 4.9 percent drop from the 4,704 sales in June, but a 0.5 percent gain from the 4,449 sales in July 2014.

The median sales price for a single-family home in July was $346,653, down 2.9 percent from the record $357,000 in June, but up 10.4 from $314,000 in July 2014.

There were 7,640 active listings of single-family homes on the market last month, a record low for a July and 25 percent below the 10,190 in July 2014.

However, listings were up 9 percent from the 7,004 in June.

July ended with an active inventory of 2.2 months for single-family homes in the Denver area and a 1.3-month supply of condos and townhomes.

That represents a 24.1 percent year-over-year drop for single-family homes and a whopping 45.8 percent plunge for condos.

A balanced market between buyers and sellers has a 5 to 7 month supply of homes.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com.DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.