July Market Minute: Kristal Ball Mortgage Forcast & The Garage Report
- ilan brown
- 4 minutes ago
- 3 min read
July 2026
Navigating Your Journey Home
Market Minute
Summary
Denver Metro's housing market held remarkably steady through June, with the headline numbers barely moving year over year. The median closed price ticked up 1% to $614,000, and homes still sold in a median of 19 days, unchanged from last June, a sign that competitively priced listings continue to move at a measured, healthy pace. Sellers pulled back slightly, with new listings down 3% but buyers stayed engaged. Pending sales rose 2% while closings were essentially flat. Inventory tightened roughly 9% from a year ago to about 13 weeks of supply -- still a healthy selection, but being absorbed steadily rather than piling up.
On the rental side, leasing volume cooled 18% year over year but pricing stayed firm. The median leased price rose 3% to $2,895 and homes leased two days faster, pointing to a supply-demand balance where well-positioned rentals still perform.
The takeaway is simple: this is a market defined by stability rather than swings. Prices are holding, activity is normalizing off the spring peak, and well-positioned homes are still finding their buyers.
Interesting News Articles
• 242 cities in the U.S. boast a starter home value of more than $1 million, up from 226 cities in 2025 and up from just 80 cities in February 2020 — before the Covid-19 pandemic sent prices skyrocketing. While California dominates the list with 105 cities, the states that saw the biggest total growth in million-dollar starter home cities were New York and New Jersey, which each added 15 cities to the list.
• The Civic Lofts apartments at 360 13th St. sold for $30 million June 29, according to a deed registered in Denver County. That purchase price is 48% of what the building sold for in late 2021
Colorado fell to 17th in the U.S. News' latest Best States rankings, down six spots from a year ago.
• This is the second high-profile ranking in recent weeks showing Colorado in decline. Earlier this month, CNBC ranked the state 25th for doing business, a drop from No. 11 in 2025. Colorado saw its U.S. News standing fall across most categories, with the largest decreases in economy, opportunity and natural environment. Other declines came in health care and fiscal stability.Yes but, the article points to our education system moving from No. 3 to first in the nation.
The Kristal Ball
Mortgage Update & Forecast
Provided by: Kris Spuckes, MegaStar Financial
Current mortgage rates remain elevated: As of late July 2026, the average U.S. 30-year fixed mortgage rate is about 6.6%, while the average 15-year fixed rate is about 6.0%. Freddie Mac reported a 30-year average of 6.58% for the week ending July 23, 2026
Rates have been volatile: Mortgage rates fell earlier in 2026 but have moved higher in recent months due to persistent inflation, rising Treasury yields, and geopolitical uncertainty.
No sharp decline expected: Most forecasters expect mortgage rates to remain above 6% through the remainder of 2026, with only modest easing if inflation continues to cool.
Longer-term outlook is cautiously optimistic: Many economists anticipate a gradual decline toward the low-6% or high-5% range over the next 12–24 months, but the pace depends heavily on inflation and Federal Reserve policy
Implications for borrowers: While financing costs remain high relative to 2020–2021, many buyers are proceeding with purchases in anticipation of refinancing if rates decline in the coming years.
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