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Statewide decline in home sales surpasses that seen in metro Denver last year

Declining affordability due to higher interest rates pressured housing markets across Colorado

Home sales across Colorado declined at a faster rate last year than they did in metro Denver. The difference wasn’t huge, but it shows how higher interest rates are hitting a variety of markets hard.
John F. Russell/Steamboat Pilot & Today

Single-family home sales declined by a fifth and condo and townhome sales were down by 23% in Colorado last year, while price increases softened and the inventory of properties available for sale surged, according to a monthly update from the Colorado Association of Realtors.

The number of single-family home sales in Colorado fell from 97,864 in 2021 to 78,091 in 2022, a decline of 20.2%, as the weight of higher interest rates took their toll on affordability The number of condos and townhomes sold last year fell 23.3% to 24,732. Comparing December to December, both home and condo sales were down by about 42%, a sign that downward momentum in sales was intensifying as the year came to a close.

“To say this was a strange year for housing would be the largest understatement I could say about housing. What started out as another year of record-breaking price increases and buyers getting slaughtered, ended as a year where sellers saw values flip, buyers began getting concessions, price drops and double the inventory to choose from,” said Colorado Springs-area Realtor Patrick Muldoon in comments accompanying the report.



Of the state’s 64 counties, only three — Hinsdale, Costilla and Alamosa — saw an increase in single-family home sales in December compared to a year earlier; four saw no change.  Among counties with five or more sales last month, volume declines ranged from 16.7% in Grand County to 85% in Pitkin County. The sales decline in metro Denver for single-family homes was 18.5%, below the statewide decline.

Read more at DenverPost.com.


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