Median home prices may be signaling a market cooling

Housing price appreciation was described as a mixed bag in June, and in May prices slipped a bit.

Now for the third month in a row, median home prices as recorded in sales of single-family homes in Northern Colorado and the Boulder Valley are showing significant declines from a year prior — which may be an indicator that the housing market has cooled.

July numbers as recorded by Information and Real Estate Services LLC, the multi-list agency, show declines in four of the six communities tracked in the region with only resort community Estes Park — up 18.6% — and Fort Collins showing increases over July 2022 numbers.

The median in Estes Park was $739,000 on 28 sales, down from June’s $760,000 number but well above the $623,000 median of July 2022.

Fort Collins recorded a median of $659,300 on 179 sales. That was above the $622,000 of June 2023 and 8.1% above the $610,000 of July a year ago.

Boulder again topped the region with median resale prices of $1,322,500 with 62 houses sold during the month. A year ago, the median price was $1.55 million, or 14.7% higher. The June 2023 median price was $1.532 million.

Coming out of the stratosphere was fellow Boulder County community Longmont, which saw median prices fall 6.8% to $563,760 in July from $605,000 in July 2022. In June, median prices were $620,000 in Longmont. Fifty five homes were sold during July this year.

Loveland/Berthoud saw 129 homes sell at a median of $590,000, or 0.8% below the $595,000 of July 2022. The median in June was $555,000.

And in Greeley/Evans, with 89 properties sold during July, the median sales price was $410,000, down 7.9% from $445,000 a year ago in July. The June median was $412,500.

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