H
ome sales and new listings in metro Denver fell in October, signaling that a slowdown may be lasting rather than temporary, the Denver Metro Association of Realtors reports. Buyers purchased 3,354 homes and condos, a drop of nearly 7% from September and 7.7% from a year earlier. New listings declined to 4,483, down 9.7% month‑over‑month and 4.6% year‑over‑year, leaving the inventory at 12,495, a 4.4% decrease.

    “Denver’s market has hit its reset button,” said Amanda Snitker, DMAR Market Trends Committee chair. “We’re seeing normalization, not volatility. Professionals must base strategies on data and confidence, not headlines or past memories.”

    Snitker noted that the median home price rose 38.5% between March 2020 and April 2022, an unsustainable 19.25% annual growth. From the pandemic’s start to October, the increase was 33.7%, averaging 6.7% per year—still above the 4.2% consumer inflation rate and 4.7% wage growth, but decade‑long appreciation is beginning to level off.

    In October, the median price of a detached home was $650,000, up 2.36% from September but unchanged from a year ago. Townhomes and condos averaged $388,220, down 0.46% month‑to‑month and 2.95% year‑to‑year.

    Redfin’s report shows the share of homes selling has dropped to a low last seen in the early 1990s. Nationally, 28 of every 1,000 homes traded in the first nine months of the year; Denver traded 27 per 1,000. “The housing market is defined by caution,” said Chen Zhao, Redfin’s head of economics research. “Buyers are walking away more often, driven by affordability concerns or reevaluating the right time to commit.”

    Renters await a larger mortgage‑rate decline to make buying viable, while many owners stay put to keep their low rates or because offers fall short of expectations. When both sides hesitate, sales fall to historic lows, Zhao added.

    Snitker urges sellers and buyers to stop waiting for change and recognize that Denver real estate is entering a new chapter.

    Get more real estate and business news by signing up for our weekly newsletter, On the Block.