After months of stubborn price increases that had driven away buyers, Colorado’s housing market is now seeing some modest price reductions — with the trend being more evident for condos and townhomes than for single-family homes.

Following a report last week of declining prices in metro Denver, the Colorado Association of Realtors is tracking a similar drift in statewide data, according to its monthly Market Trends report released Tuesday.

The median single-family home price statewide fell to $590,000, off a percent from June’s price, but still holding close to the median price a year ago, the report said. The median priced multifamily home fell last month by just over 1% to $400,000, but that figure is down by 6% from a year ago.

The statewide trends appear at a moment when housing markets across the West and Midwest have been experiencing continued price increases similar to Denver’s. According to the National Association of Realtors, 75% of metros saw home price gains during the second quarter of 2025.

The national single-family price is up 1.7% over the past year, still well below Colorado’s newest median price post. The Boulder market, according to NAR, still shows as one of the 10 most expensive in the nation ($859,500).

As expected, the newest statewide report shows sales of single-family homes having declined over the month, down 7.4% by number of transactions.

Despite the slower sales, the volume of active inventory remains well above the same time last year in most markets and product types. Over the previous month, inventories awaiting sale were down slightly but substantially higher over the year before, up 18% for single-family homes and 22% for condos and townhouses.

More time for shopping

“This growing gap between supply and demand is making it easier for buyers to take their time and shop around — a clear sign the market has shifted,” said agent Kelly Moye, who reports on The Boulder and Broomfield Counties markets for CAR.

“Sellers seem to want last year’s prices and buyers want next year’s prices, and the disconnect is culminating in fewer sales,” she said. Moye predicts that the notably higher pricing around Boulder will continue to fall into year’s end.

She added that sellers may be getting a false signal now from what agents refer to as the list-to-sales price ratio, which continues to show sellers getting most all of what they’ve asked for as a list price.

“That doesn’t take into consideration the concessions sellers are paying to buyers to buy down their interest rate,” Moye noted. “Sellers will need to cut prices to attract the serious buyers.”

Patrick Muldoon, who reports on the Colorado Springs market, reported that July proved to be a frustrating month for sellers.

“What is normally a (good) summer selling season was lackluster at best,” he reported. 

Muldoon said that buyers in the Springs area, where inventory climbed 21% over 2024’s level, have substantially more products to choose from.

“But they didn’t show up to buy,” he added.

Challenge at lower end

“Part of the issue we are feeling about housing relates to overall debt,” Muldoon said. “Student loan payments, car payments, credit card payments, food bills, gas, insurance — all weigh on the economy and that carries over to housing.”

Condos and other multifamily sales proved enigmatic over the month, showing more of an overall drop in price than for single-families, but with performance somewhat dependent on whether the market includes resort properties.

In La Plata County, where Durango agent Heather Erb reports, sales of condos and townhomes were down 56% during July over June.

“We really did have an off-month,” she told The Denver Gazette. But she adds that resort condo sales 30 minutes north of town at the Purgatory ski area were pretty good.

“Most of our condo sales are in town, not at the resort,” she said. 

Those lower-priced sales many tend to represent buyers struggling to enter the bottom of the market, who may be feeling the economic challenges now more than most, Erb said.

Stronger resort home sales

“In the resorts we’re having a better year than I have been expecting,” Erb said. “We had no winter this year, we didn’t have a lot of snow. But for early in the summer we did fairly decently.”

In Summit, Lake and Park Counties, wrapping Breckenridge and Dillon, agent Dana Cottrell reported that overall sales were up 9% overall, up 9.5% for the median priced single-family home and 5.3% for a condo or townhome.

Bolstering those numbers were fast-rising sales in the luxury single-family home range, with sales in the $5-to-$10-million range jumping 104% over the past year, up 92% in the  $1.5-to-$2 million range.

Even multifamily sales in the higher-than-$2-million range were up 44% over the start of the year, Cottrell said.

Vail-area agent Mike Budd reported seeing market outliers based on product types.

“Single-family (and) duplex sales were a positive 17.1%, while townhome/condo sales were a negative 10.5%,” he reported.

Pending sales, which can be a predictor of the rest of the season, were off by 25% for townhomes and condos and up by 117% for single-family homes and duplexes.

Budd added that the lower number of townhome and condo sales was partially accounted for by having some major projects completed, at a moment when new projects haven’t come on line.

Stable market in Crested Butte?

Gunnison County and Crested Butte agent Molly Eldridge was another resort market analyst reporting variance between single-family and multifamily home performance. 

“Average prices in the larger area for residential properties are down, only 1% for condos and townhomes and 16% for single-family homes,” she said.

Crested Butte single-family prices have risen 2% on average year-over-year, while the average price of condos and townhomes is up 8%, she noted.

“The number of residential properties under contract is up 20% over last year, so the increased inventory in this area is allowing buyers who have been waiting to find something they want to buy,” Eldridge said.

“The trends seem to indicate that prices are not dropping significantly,” she added.

In Routt County and Steamboat Springs, single-family sales are up 5% year-to-date, while the median price has dropped almost 8% to just under $2 million, according to Steamboat-area agent Marci Valicenti. The average sales price climbed to $3.36 million, probably reflecting a small number of very high priced sales that tend to skew the average.

Luxury in-house sales

“The first 10 days of July saw three new homes come to the market priced in the neighborhood of $7 million (and) rapidly go under contract,” Valicenti said. She added that multifamily sales were up 37.2%. Builders have lots of spec-construction underway for multifamily homes, while single-family inventory remains tight.

Some of the lesser optimistic numbers from the resort markets were coming from Telluride and San Miguel County, where agent George Harvey reported sales down 24% year over year, off 34% from a 5-year July average.

“While the luxury market still accounts for 86% of the residential dollar volume, it is showing signs of fatigue,” Harvey said.

But luxury resort condominium sales may offer a brightened outlook. In-house sales — including presales of very-high priced units at the Four Seasons Hotel and the Highline Residences, each in Mountain Village overlooking the historic mining town — could be taking sales away from the broader market’s inventory, Harvey noted.

The Colorado Association of Realtors represents some 23,000 members statewide.