November single-family home sales in the Denver area were down 16 percent from the same month last year.
Home sales typically cool off in colder months as fewer people want to move or pull their kids out school in the winter. But this November was particularly slow: Sales were down 27 percent compared to October, according to statistics released by REColorado, a home search website.
Jim Wanzeck, a Greenwood Village Realtor, says the sluggish seller’s market is in part attributed to an increased inventory of newly-built homes. And he says there is greater marketplace uncertainty right now due to circumstances that include a possible interest rate bump by the Federal Reserve.
In spite of the recent slowdown, Denver area home prices remain strong. Prices are up 12 percent year over year.