Is Denver's red-hot housing market cooling off? Maybe.
Denver's red-hot housing market, along with most of the rest of the country's markets, cooled a bit in July.
According to a Zillow report, there was only a 0.4 percent increase in home values last month in Denver over the month before. Nationally, there was a 0.1 percent decline in home values.
"The market is leveling off, and it's good news, particularly for buyers, because it will ease some of the competitive pressure," said Zillow Chief Economist Svenja Gudell, in a statement.
But Denver's still a hot market, Zillow said, with the city leading the nation in year-over-year home value growth, at 13.9 percent in July.
Earlier this month, Zillow called Denver's housing market "unaffordable," because it takes 35 percent of a person's monthly income to afford rent in the city, compared with 25 percent nationally. Mortgage costs eat up 28 percent of a Denver homeowner's monthly income, compared with 15 percent that owners should expect to pay.
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