DENVER (KDVR) — Housing is loosening up, but that doesn’t mean Colorado is a more affordable place to buy a home.
The June report from the Colorado Association of Realtors details a slowdown in the climb in sales prices and an increase in the supply of homes on the market. A month ago, the Colorado housing market had less than a month’s worth of supply available. In June, that had climbed to 1.5 months’ worth of inventory.
The median sales price for a single-family home was $589,000, down $10,000 from the previous month. This is the first break in an otherwise uninterrupted upward climb in prices since January.
Still, affordability has not recovered.
The statewide affordability index was at a record low in the month of June at 51.
The affordability had been largely stable for the last two years of the 2010s before the COVID pandemic flooded the state’s housing market with buyers looking for more space adjacent to outdoor lifestyles. Since then, it has plummeted more than 30 points.
In the space of a decade, Colorado’s housing affordability has crashed. In 2014, the index records housing affordability nearly three times greater than this June.