Buyers in Denver’s frenzied real estate market received a break in July: It has been more than seven months since there have been this many resale homes available to buy.
There were 10,096 homes for sale on the Denver metro real estate market in July, an increase of 6.3 percent from the 9,500 listed in June. That fact has not been lost on the area’s real estate industry, which still enjoyed its second-best sales July on record- next to July 1992.
News of Denver’s booming real estate market apparently has brought more sellers into the shallow market, with more homeowners putting their property up for sale in July.
And like fellow consumers around the country, Denver-area buyers rushed into the real estate market to take advantage of the lowest mortgage rates in 22 years. June figures, the latest available, indicated national home sales were up 11 percent, the second-highest level in four years.
At the same time, said Jim Nussbaum of The Kentwood Moore Co., “people are still picky. There’s no panic buying going on out there.”
The average Denver home sold for $116,770 in July, compared with an average price of $108,957 a year earlier.
