This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER (KDVR) — Interest rates continue to press down on home prices in the Denver area, though slightly.

The Federal Reserve on Wednesday hiked interest rates by three-quarters of a percentage point, pressing even harder on the brakes in a scramble to slow inflation.

The Federal Open Market Committee, the panel of Fed officials responsible for monetary policy, boosted the central bank’s baseline interest rate range to a span of 3.75% to 4%. It is the fourth consecutive 75 basis point hike issued by the Fed and the sixth interest rate increase since March.

The housing market in Colorado has been responding to interest rates. Homes are staying on the market later, buyers are paying less than the asking price, and the median value continues to fall. According to the latest market trends report from the Denver Metro Association of Realtors, the median sales price for a single-family detached home was $622,490 in October.

This is down from $630,000 from September. Sales prices have declined every month since April when they reached a record median price of $680,000.