How long Denver houses are staying on the market
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For-sale signs on Denver homes are lingering longer than usual this year, according to fresh Redfin data provided to Axios.
Why it matters: It's yet another sign that the city's once white-hot housing market is balancing out and favoring buyers over sellers.
By the numbers: Between 2012 and 2023, Denver homes have typically sat on the market for around 19 days in September, Redfin data shows.
- January holds the record for longest average days on market (33), while May is the speediest at just 10 days.
The big picture: The first week of October has historically been a good time to buy a house in the U.S., per a new Realtor.com report.
- After reaching a peak in spring and summer, demand slows — but inventory levels haven't yet hit the holiday slump, creating opportunities for buyers.
What we're hearing: By fall, sellers are desperate to close before the holidays, which opens the door for better deals, Denver-area agent Kelly Moye tells Axios.
- In August, 1 in 5 for-sale homes in the U.S. saw a price cut, per Redfin data.
Yes, but: Mortgage rates are once again a wild card. Experts predict lower rates could bring buyers off the sidelines, possibly driving higher home prices if inventory doesn't improve.
- The Federal Reserve cut interest rates this month by a half-percentage point, but the impact on longer-term rates, particularly for home mortgages, remains ambiguous.
Go deeper: How to brace your budget for home buying