Metro Denver sees a big jump in the inventory of homes for sale in June

Market Trend

Metro Denver sees a big jump in the inventory of homes for sale in June

New home listings rose in June in metro Denver, but the pace of sales softened, boosting the number of properties available on the market.

There were 6,796 homes and condos available for sale at the end of June, which was 24.4 percent more than the count of active listings at the end of May, according to a report Wednesday from the Denver Metro Association of Realtors.

“We are starting to see signs of a much needed market correction and a market plateau may be on the horizon,” suggested Anthony Rael, chairman of DMAR Market Trends Committee, in the monthly update.

June, July and August are the months when the inventory of homes available for sale are most likely to hit a peak. And the number of active listings are under half the historical average, meaning buyers still face a limited selection.

But the 24.4 percent jump was a huge one. Since 2005, the typical increase between the inventory in May and June has averaged closer to 4.4 percent, Rael said.

Feb 25, 2016 Real Estate