M
etro Denver home prices dipped in July as both buyers and sellers took a step back, according to the latest update from the Denver Metro Association of Realtors. The median price for detached homes fell 2.26% to $650,000, down from June's $665,000 and last year's $655,000.

    Condo and townhome prices also declined, with a median sales price of $390,000 in July, a 2.5% drop from the previous month and 6% lower than last year. The average condo/townhome sales price was $425,192, down 4% from June and 6.9% from last year.

    Amanda Snitker, chairwoman of the DMAR Market Trends Committee, attributed the market's uncertainty to economic and consumer factors. She warned that overpricing or underpreparing homes can lead to extended days on market and price reductions.

    Sales numbers were down 11.3% from June and 6.84% from last year, while new listings dropped 9.6%. However, active listings remained relatively stable, with a slight decline of 0.7% compared to the previous month. Half of the listings went under contract within 24 days in July.

    The Zillow Home Value Index recorded a 4.1% annual decline for metro Denver in June, while the S&P CoreLogic Case-Shiller Indices listed Denver as one of four major metros with depreciating prices in May.