DENVER — The housing market has shifted in favor of buyers as prices dip and inventory piles up, according to the latest July housing report from the Colorado Association of Realtors.

“Even though it may seem like affordability is a challenge, it is actually a great time to buy,” Cooper Thayer with the Colorado Association of Realtors told Denver7's Jessica Porter. “You have much more time to search for the perfect home, and you're much more likely to get a great deal right now.” Realtor Cooper Thayer and Denver7 Anchor Jessica Porter

Gone are the days of record prices and low inventory, which resulted in buyers competing with several other offers just a few years ago.

Median pricing for a single-family home in the Denver area is down 1.6% from June to July to an average of $630,000

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