Colorado Housing Market Watch - Month of June 2022

Colorado Housing Market Watch - Month of June 2022

▪ June metrics point to a significant
shift in the market after
policymakers approved the biggest
interest rate hike in 28 years.
Affordability became a significant
consideration as the prospective
monthly payment on a typical new
mortgage increased.

▪ After a slight decrease in May, home
prices leveled off in June. The
median closed price for a home
remained at $615,000. Prices are still
a median of 13% higher than we
saw at this time last year.

▪ Buyer activity cooled in June. The number of
closings was 20% lower than last year and
7.5% lower than last month. The number of
contracts written on homes also dipped,
indicating July sales will also see a year-over
year decrease.

▪ The number of new listings coming on the
market stayed steady while the number of
contracts written on homes decreased. As a
result, weeks of inventory moved to 5 and
the number of listings actively for sale at
the end of the month was almost twice as
many as we saw at the end of May giving
buyers more choice.