Denver housing prices are down, for now

The median home sales price for the Denver metro area was $536,500 in January, down 1.11% year over year.

• And down 3.33% from December 2022, according to the latest from the Denver Metro Association of Realtors.

Why it matters: We're finally starting to see a little change, after months of market cool-down talk.

Yes, but: Spring activity is already picking up, as buyers have become more comfortable with mortgage rates, and more appealing homes hit the market, milehimodern's Grace Sullivan tells Axios.

Driving the news: Denver has a lot of motivated buyers who are moving due to lifestyle changes like growing a family, divorce or rent increases, Sullivan tells Axios.

What's happening: Turn-key properties are attracting multiple offers upwards of 5% over asking, Sullivan says.

• Last weekend, for example, Sullivan had three bidding wars, although she says early spring 2023 hasn't been as frenetic as 2022.

What's next: Spring will likely follow typical seasonal trends — more inventory, multiple offers on turn-key properties, higher home prices.

The bottom line: Denver's market has cooled off, but home prices are likely to pick back up soon.