Metro Denver home and condo sales continued to slow and single-family home prices also dropped last month despite the relief buyers received in the form of lower mortgage rates, according to a monthly update from the Denver Metro Association of Realtors on Monday.

The number of sales in November fell to 2,877, an 18.3% decline from October and a 48.2% decline from last year. Despite fewer sales, the number of active listings fell 14.2% on a monthly basis to 6,253, as sellers pulled back ahead of the holidays.

The median price for a single-family home that sold was $615,000, a 0.92% decrease from October and a 2.5% gain over the past year. The median price of a condo or townhome rose 1.23% during the month to $410,000, a 5.13% gain from November 2021.

“While we are no longer seeing multiple offers on every listing that escalate the price way over the ask price, Denver home values remain strong and multiple offers are still absolutely happening,” said Libby Levinson-Katz, a broker with Kentwood Real Estate and chairwoman of the DMAR Market Trends Committee, which prepares the monthly report.

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Metro Denver home sales tumbled again in November despite lower mortgage rates