By Aldo Svaldi | Denver Post
Home sales in the metro Denver area fell precipitously in September, forcing sellers to cut their asking prices and pushing up the inventory of properties available for sale at an unprecedented rate, according to a monthly update from the Denver Metro Association of Realtors.
“The housing inventory and home price adjustments are normal and expected,” said Steve Danyliw, chairman of the DMAR Market Trends Committee, in the report. “What’s not normal? Sales of single-family homes priced over $500,000 dropping 33 percent from August to September. For those sellers, that’s real turbulence.”
Metro Denver’s housing market has shown signs of cooling since early summer. But it practically froze over in September, and that meant sellers faced a bumpy ride, especially owners of more expensive properties.
