Home prices drop across metro Denver
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Illustration: Annelise Capossela/Axios
Metro Denver home prices fell modestly last month, following seasonal patterns, per a new report from the Denver Metro Association of Realtors.
Why it matters: It's the latest signal that buyers hold the upper hand in Denver.
By the numbers: Median detached home sale prices fell 2.3% last month as new inventory dropped 13.6%, and homes spent more days on the market, the report found.
The big picture: Denver metro home values dropped 2.7% year-over-year this June, per data compiled by Zillow, marking one of the steepest drops across the 50 largest metros nationwide.
Context: The price data shows that the housing story is more complicated than affordability and still-high interest rates, which have cratered demand nationwide. Zoning laws, climate risks and economic vibes also play big roles.
- Ultimately, this tale of two housing markets is all about supply. In places facing shortages of available homes and less newly constructed housing, prices are holding up.