Metro Denver's housing market looked like it had regained its footing in October after stumbling in September. But last month, home sales hit another icy patch, according to the monthly market trends report from the Denver Metro Association of Realtors.
There were 2,628 single-family homes sold in metro Denver last month, a decline of 17.6% from October and 23.9% below November 2017. The number of condos sold came in at 1,104, a decline of 16.6% month-over-month and 22.9% from year-ago levels.
Unlike September, when sales fell and inventories rose, fewer homes were listed on the market, a sign that sellers may be pulling away as well as buyers, who are coping with higher mortgage rates that have reduced what they can afford.
November and December can be tricky months to figure out. In November of 2017, home and condo sales were down about 13.5% and the supply of listings dropped 18.7% in metro Denver.
Sellers tend to pull back around the holidays, and they are definitely doing so this year. Added to the mix this year is a much more volatile stock market, which might be signaling slower economic growth in the months ahead.
The inventory of homes and condos available for sale at the end of November dropped 11.8% from the count at the end of October to 7,530. Compared to November of last year, the inventory is up a big 46.7%.
The median price of a single-family home sold in November dropped 1.82% to $427,000 over the month, but remains up 4.9% over the year. The median price of a condo sold in November was $299,450, up 0.15% from October and up 9.71% from November of 2017.
"I think everyone agreed that the downward shift in the market that started midyear continued in November," Jill Schafer, chair of the DMAR market trends committee, said in the report.
