DENVER (KDVR) — Colorado may be one of the most expensive housing markets in the country, but this year it marked its first annual drop in price in a decade.

This comes on the heels of a national trend. According to a Redfin report on the national housing market, the median U.S. home sale price fell 1.2% in February to $386,721. The U.S. hasn’t seen a year-over-year decline in home prices since 2012. 

High mortgage rates turned the tables on what was one of the hottest housing markets of recent history. Buyers are less willing to pay the asking prices of last year, and sellers are still holding out for those prices.

Prices are down even further along the Front Range, one of the nation’s most scalding hot housing markets.

The Denver metro median sales price was $560,000 in February, down from $575,000 in February 2022. This is a 2.6% drop – twice the national decline in prices from last year.

Homes are facing far less competition than they had last year at the height of the homebuying fever.

Nationally, the number of homes being fought over dropped from 66.4% last February to 45.2% this February – a 32% decline.

The bidding wars around Denver lessened slightly more, by 33% over the same period. Last February, four out of every five Denver area homes Redfin listed had competing offers. Now, it is half of Redfin’s Denver homes.

Colorado Springs had the nation’s sharpest drop in competition. About 80% of Colorado Springs homes were being fought over last year. Now, only 27% have competing offers.