DENVER (BusinessDen) — It was a record-breaking July for the Denver-area residential real estate market.
According to the Denver Metro Association of Realtors, buyers closed on an all-time high of 6,664 homes last month, up nearly 8 percent from June and more than 12 percent from July 2019.
The average price of a single-family home also set a record: $601,863. That’s nearly 8 percent higher than June and nearly 10 percent higher than July 2019.
“We expected to have record-breaking closings because of record-breaking pendings last month, but the surprise was how much we increased in price in one month’s time,” said Jill Schafer, chair of the market trends committee at DMAR and broker for Kentwood Real Estate. “Getting above $600,000 is a big jump and it just shows that prices are moving up fast and affordability continues to be an issue.
The association’s numbers pertain to an 11-county region it considers the metro area. Those counties are Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.