Denver-area home prices drop slightly again in August; still up year-over-year

The cost of buying a home in the Denver metro area dipped slightly for the second straight month in August, according to the latest data from the Denver Metro Association of Realtors.
The median sale price of all residential properties was $380,000 last month, a decrease of $5,000 from the month before. Compared to the same time last year, however, prices are still up more than 8 percent.
While it’s difficult to say if the past couple months are indicative of a trend, Realtors say the numbers do seem to show that the market is cooling down some.
Housing numbers can be presented in ways to paint many different pictures, Overall, it is still a positive market even though we are transitioning towards something that looks more normal. 38,553 residential properties have sold so far this year, setting a new record for the metro area. That number is 4.35 percent higher than the same time last year.
While housing inventory continues to climb, it’s still far below the historical average of more than 17,000 homes for August. Condo inventory is generally doing better than single-family homes, according to DMAR. The number of condo listings is up more than 17 percent year-over-year while single family inventory is down by nearly 4 percent.
The single most expensive home that sold in the area last month was a six-bedroom, nine-bathroom home in Highlands Ranch that went for $8,116,000. The most expensive condo, a three-bedroom, four-bathroom unit – sold for $2,170,000.
The chart above shows the trends in prices and inventory since January:

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