Home sales in the Denver metro area slowed during August but prices remained stable, according to statistics released today.
“The market is starting to slow because August is the last month of the prime selling season,” said Gary Bauer, an independent real estate analyst. “Prices continue to stay stable, which is what I forecast for the entire year.”
The number of homes sold in August was 5,010, up just 0.6 percent from the previous month but down 0.3 percent from a year ago.
The median price of a single-family home increased to $257,500, a 0.98 percent increase compared to July and up 1.82 percent from a year ago.
Condos didn’t fare as well. The median price of a condo was $152,500 in August, down 3.48 percent from last month and 4.69 percent from last year.
“First-time homebuyers are starting to get squeezed a little bit because of tighter lending practices, and sellers really need to price the home to the market, not just what they think,” Bauer said.
Staff writer Margaret Jackson can be reached at 303-954-1473 or at mjackson@denverpost.com.
