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Denver Metro Area Weekly Market Update | September 5, 2026

Last week we told you active inventory had crossed into positive year-over-year territory for the first time since March, and this week’s headline number shows it back in a deficit. Don’t read too much into either move. Labor Day fell 6 days later this year than last, which throws off a straight week-over-a-year-ago comparison right at this exact point on the calendar, and when we correct for it, inventory’s deficit has actually been narrowing steadily and without interruption since July, sitting right at the edge of a genuine crossing rather than bouncing around one. Pending contracts hit the same calendar quirk from the other direction this week, breaking a 16-week losing streak on a reading that’s almost certainly borrowed strength, not a real turn. Showings, which don’t face this particular distortion, remain the clean read: still deep in their own 8-week deficit. That continues the thread from last week’s update.

Active Inventory

12,547 Active Listings: A Steady Trend, Blurred by a Calendar Quirk

Week over week
-1.9%
12,792 → 12,547
vs. last year (as reported)
-2.8%
Distorted, see below
Calendar-corrected reading
-1.4%
Narrowing steadily since July
Active Inventory level and year-over-year change
Here is what actually happened, and it is a cleaner story than last week’s headline or this week’s suggested on their own. Labor Day fell on Sept 1 in 2025 but Sept 7 in 2026, a 6-day shift. A straight year-ago comparison pairs each week with the wrong seasonal position: last week’s reading got compared against a post-holiday bounce-back week, making the first positive reading since March look better than it was, and this week got compared against the pre-holiday dip week, making the reversal look worse than it is. When we instead match each week to its true position relative to Labor Day rather than a fixed 364 days back, the deficit has narrowed without interruption since July: from about -13.5% in early July to just -1.4% now. That is a real, sustained trend, not two conflicting one-week stories. See the chart below for the full comparison.
Active Inventory YoY corrected for the Labor Day calendar shift

The metro number also isn’t uniform: this week Highlands Ranch (-41%) and Centennial (-30%) remain deep in deficit, while Englewood (+30%), Parker (+19%), and Westminster (+14%) are running well above last year, a wide spread hiding underneath that single metro-wide number. Given Showings remain deep in an 8-week deficit, meaning fewer homes are converting out of active status via pending contracts, the pressure that’s been narrowing this gap since July hasn’t let up. We’d expect a genuine crossing to positive within the next week or two once the calendar noise clears, and for it to hold from there. See the new call below.

Pending Contracts

800 New Contracts: Record 16-Week Streak Ends, but the Calendar Explains It

Week over week
0.0%
800 → 800, unchanged
vs. last year
+7.8%
First positive week since early May
16-week streak
Ended
Likely a calendar artifact, not a turn
The streak is technically over: this week’s +7.8% is the first positive reading since early May, after 16 straight weeks below last year. Read it carefully before calling it a turn, though. The year-ago comparison week (ending Sept 3, 2025) is the one that contained Labor Day itself, and it shows a real dip: 742 contracts, well below the 836 to 841 range in the weeks around it. This year’s ordinary reading of 800 is being measured against that holiday-suppressed base, which is almost certainly why the number flipped positive. Next week faces the mirror image: this year’s own Labor Day week (ending Sept 9) will be compared against a normal week last year, which is likely to swing the reading back negative for the same calendar reason, not because anything actually got worse. We’ll know more once that distortion clears in a couple weeks.
Showings

13,229 Showings (Preliminary): Demand Pressure Gap Still Negative

Last 7 days (preliminary)
13,229
Down from 13,778
vs. last year (through Aug 28)
-8.8%
8th consecutive negative week
Demand Pressure Gap
-16.0%
Also 8 straight weeks negative
The complete comparison (through Aug 28) hasn’t moved from last week: still -8.8% on Showings, still -16.0% on the Demand Pressure Gap, still 8 straight negative weeks. Mortgage rates have ticked up slightly since last week’s report: today’s rate is 6.89%, about 36 basis points above the 6.53% we saw a year ago, real but nowhere near the roughly 4-point spike that drove the 2022-2023 collapse. One calendar quirk worth flagging in advance: Labor Day fell in the week ending Sept 5 last year but falls in the week ending Sept 11 this year. That means next week’s comparison will measure a normal week this year against a holiday-suppressed week last year, which is likely to look artificially better than the true trend. The week after will flip the other way, measuring this year’s own holiday week against a normal week last year. Worth reading both of the next two readings with that in mind rather than at face value.
New Listings

1,136 New Listings

Week over week
-0.4%
1,140 → 1,136
vs. last year
+1%
Roughly flat

A quiet week for new supply, in line with the seasonal slowdown heading into Labor Day. Nothing here changes the picture above: this week’s inventory story is about existing listings and the holiday calendar, not a surge of new ones.

Closings

755 Closings: Volume Up, Still Down From Last Year, Taking Longer to Close

Week over week
+8.9%
693 → 755
vs. last year
-8.5%
A modest, ongoing deficit
Median close price
$600,000
+2.4% week over week
Closings median days on market, weekly
SFR Condo Townhome
Median closed price $660,000 $309,500 $443,990
Median days on market 26.5 54 31
List-to-close ratio 95.8% 91.1% 95.2%
Concession rate 61.4% 52.4% 66.7%
Median concession 1.8% 2.4% 2.5%
Net ratio (after concessions) 94.9% 90.1% 93.7%
The bigger story this week is time on market, not volume: median days to close has climbed from 20 days in mid-July to 31 this week, nearly doubling over eight weeks. Condos remain the softest segment by a clear margin: the longest median time to close (54 days), the lowest list-to-close ratio, and the lowest net ratio after concessions. SFR is holding up comparatively well, closing close to full price even after concessions.
Price Reductions

57.4% of Active Listings Have Reduced: Another New High

This week
57.4%
Highest reading of 2026
Median reduction
$25,000
Steady for months
Average reduction
$56,900
Up from ~$42,000 two weeks ago

Two things are true at once here, and they tell different stories. The share of listings carrying a reduction keeps climbing to fresh 2026 highs (57.4% this week), and the median reduction (what a typical home actually gets cut) has held steady at $25,000 (about 4.4%) for months. But the average reduction size has jumped sharply, from around $42,000 to nearly $57,000 over the past two weeks. When the average moves that much more than the median, it’s almost always a handful of larger, likely higher-priced listings taking outsized cuts, not a broad shift in how much the typical seller is giving up. Worth watching whether that average keeps climbing (more big cuts joining in) or snaps back (it was a short-lived cluster).

Months of Supply

4.47: Still Climbing

Total Closed MSI
4.47
Up from 4.29 last week
SFR Closed MSI
3.67
Up from 3.52
Months of Supply tracking the 5.0 call

This is the mechanical result of everything above: closings running below last year’s pace and taking longer to happen, while pending contracts and showings stay near record-weak. That combination pushes months of supply higher every week it persists, and unlike last week’s inventory reading, this climb isn’t a seasonal artifact. It’s been running for eight straight weeks, up from 3.28 in early July.

Inventory YoY by City

A Wide Spread Underneath the Metro Number

Inventory year-over-year change by city

This week’s metro-wide -2.8% is really an average of two very different local markets. Highlands Ranch (-41%) and Centennial (-30%) are still running well below last year, while Englewood (+30%), Parker (+19%), and Westminster (+14%) have swung to double-digit surpluses. If you’re buying or selling in a specific city, the metro number alone won’t tell you much. Check where your city actually sits.

The Big Picture: Call Status and a New Call

The real news this week is a correction to how we read last week’s: the reported inventory crossing to positive and this week’s reported reversal back to a deficit were both distorted by the same 6-day Labor Day calendar shift, in opposite directions. Once corrected for it, active inventory’s deficit has narrowed steadily and without interruption since July, from about -13.5% to just -1.4% now, sitting right at the edge of a genuine crossing. Pending Contracts posted the mirror-image version of the same quirk this week: its 16-week losing streak broke, but the year-ago base was itself a Labor-Day-suppressed week, so that reading is almost certainly borrowed strength too. Showings, unaffected by this particular distortion, remain the clean read: still deep in an 8-week deficit. That combination, supply steadily building while demand stays weak, is exactly what’s pushing months of supply higher, and that climb is real: up to 4.47 this week, an eighth straight week of gains. That lines up with what’s happening nationally too, where months of supply has climbed toward 4.6 this summer, the most balanced the national market has been in nearly a decade, even as it remains well short of a true buyer’s market.

Call check – pending deficit: we called for the pending deficit to persist, graded specifically when showings’ YoY gap either improves past -8% for two straight weeks or worsens past -15%. Showings sit at -8.8% again this week (unchanged, no new data). Neither trigger has fired, so the call stays open on its own terms. Worth noting separately: the 16-week Pending Contracts streak did break this week, but as explained above that reading is almost certainly a Labor Day calendar artifact rather than a genuine turn, so it doesn’t count as evidence against this call. Watch next week’s Pending and Showings numbers together, both carry calendar distortions right now.

Call check – months of supply: last week we called for Total Closed MSI to keep climbing toward 5.0 over 4-8 weeks. One week in, it’s already moved from 4.29 to 4.47, real continued progress toward that threshold. Not yet resolved either direction.

New call: with the calendar-corrected deficit down to -1.4% and narrowing steadily since July, and Showings still deep in an 8-week deficit keeping fewer homes moving out of active status, we expect Active Inventory to cross back to positive year-over-year within the next 1 to 2 weeks once the Labor Day distortion clears, and to hold generally positive through the rest of 2026. We’ll grade this against the year’s final tracked week (week ending Dec 26): call right if inventory is positive YoY then, wrong if it’s negative.

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