Denver home sellers dropped their prices in July as market cools off

Nearly 60% of all home sellers in the Denver area discounted their initial asking prices — one of several indicators the city's red-hot housing market is cooling off.

By the numbers: In July, 58% of home listings dropped their asking prices, compared to 36% last 2021, according to Redfin.

• That gives the Mile High City the second-highest share of home listings with price decreases for the month of the top 97 metro areas in the U.S.

The big picture: Redfin cited Denver as having the seventh-fastest cooling housing market in the country, based on changes in inventory, price drops and several factors.

What they're saying: "My advice to sellers is to price their home correctly from the start, accept that the market has slowed and understand that it may take longer than 30 days to sell," Boise Redfin agent Shauna Pendleton said in the report.