FOX31 Denver

As temperatures drop, Denver’s housing market cools slightly

DENVER — Experts said Denver’s housing prices are down about 4 percent this fall, part of a seasonal market compression customary for this time of year.

Kelly Moye with the Colorado Association of Realtors said Denver’s housing market goes through a compression every fall. She said properties sell quickly from January through late June and then slow in July and August.

“July and August may as well be Christmastime around here, because it’s very slow,” said Moye.

As a result, Moye said sellers drop their prices to sell in the fall.

“When you see reduced prices, that’s where the statistic of the 4 percent decline comes from,” said Moye.

While the fall can be a great time for buyers to purchase homes, Moye said it does not mean this has turned into a buyers’ market.

“I think you will see a strong spring market and prices go up,” said Moye.

Hope Byrne with HomeTrust buys, flips and sells homes. She said while homes will continue to appreciate, she expects it to level off from the yearly 10 to 12 percent increases Denver’s housing market is currently experiencing.

“It’s been a crazy increase. 10 to 12 percent a year will spoil anyone. It’s not sustainable,” said Byrne.

But with a strong economy and population growth, Byrne said Denver’s housing market isn’t slowing down anytime soon.

“A house normally appreciates at 5 percent a year, so that’s what we expect to see,” said Byrne.