"It's a really nice time to be a buyer," Compass Denver agent David Schlichter tells us.
Why it matters: That's a phrase we haven't heard in a while.
State of play: Active listings for the Denver metro were up 31% in May, while pending sales and home prices remained steady year-over-year, data show.
In May, many listings averaged about one showing a week, Schlichter says.
The big picture: Mortgage rates have forced many people out of the market, which means remaining house hunters have less competition and could score better deals.
"All signs seem to be indicating we've already peaked for the year," Schlichter says. For now, Denver buyers have a slight edge over sellers.
The other side: In recent years, sellers were able to get multiple over-asking offers pretty easily, but that's not the case today. There are fewer buyers than homes for sale, Schlichter explains.
Yes, but: The deals won't last forever. When mortgage rates fall, "that's when the floodgates will open," Schlichter says. First-time buyers will hop off the sidelines, sellers will list, and competition will be fierce.
What's next: Elevated mortgage rates, which are dampening the appeal and affordability of home buying, could remain higher for longer.
The Fed signaled in June that only one interest rate cut is coming this year.