33.8% Increase in January, compared with December, in houses under contract
6% Increase in January, compared with a year earlier, in houses under contract
Lower mortgage rates brought out metro-area homebuyers in January, raising hopes that a surge in contracts last month will reverse declining sales.
“In the third week of January, home showings went through the roof,” said Gary Bauer, an independent analyst who prepares a monthly home-sales report.
Properties placed under contract rose 33.8 percent in January compared with December and were up 6 percent compared with January 2007.
Part of the surge represents buyers returning after the holidays. But a decline in 30-year mortgage rates from above 6 percent during the month to less than 5.5 percent lured buyers, Bauer said. Rates have since moved up.
The median price of a single-family home fell 1.4 percent to $216,950 in January from December, while the median condo price fell 4.3 percent to $134,000.
Bauer attributes the price decline to low-end homes capturing a larger share of sales as pricier home sales stall. The inventory of unsold homes remained flat at 24,489.
Home-sale closings in January were down 7.2 percent from December.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
