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Prices Drop as Home Availability Rises

Home prices are dropping across the country, including right here in Denver, according to Zip Realty. With 19 percent increase in new listings year over year, Denver still ranks as the number one metro area with the most plentiful opportunities for buyers. Cities that followed close behind include Seattle, Los Angeles, Las Vegas, San Francisco, and Phoenix. As far as price growth? That recognition goes to Sacramento.

The Cherry Creek movers have found that the Denver market, which is strewn with luxury properties and single family homes for sale, is still seeing large scale momentum in terms of purchases because buyers are still anxious to close deals before interest rates shoot back up.

Despite the fact that home prices are balancing out and slowing in Denver, don’t be fooled—there are still a bevy of million dollar homes selling in the area. There has been a general slowdown in the speed at which these homes are selling, but the volume and price are both higher than last year’s data.

All in all, the luxury real estate market is showing signs of cooling off in Denver, which was something to be expected after the record high months we saw throughout this summer. Additionally, the August to September period shows a slow down for the real estate industry, making this current trend right on time.

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