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Record-breaking October adds fuel to Denver-area home market

The median closing price for a detached single-family home in Denver was $519,900 in October, up 14.26% from a year ago.

DENVER — October marked a continuation of the main themes that have defined the for-sale housing market in the Denver metro since early summer: low inventory, steep competition and rising prices.

Active listings across both detached and attached single-family homes at the end of the month stood at 4,821, a record low for October by nearly 2,000 listings, according to Denver Metro Association of Realtors' latest market trends report.

But that low level of inventory hasn't yet slowed down the pace of sales. There were 5,984 closed transactions in October, a 16.33% year-over-year increase. November appears poised for another big month, with a record 6,141 pending transactions at the end of October.

The pressure among buyers to find a home in this market has resulted in an increase in prices. The median closing price for a detached single-family home was $519,900 in October, up 14.26% from a year ago and 1.94% from September.

Continue reading at the Denver Business Journal

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