DENVER—A real estate broker says Denver-area home prices fell 18.5 percent in November compared with a year earlier.
Statistics compiled by independent broker Gary Bauer show the average price of a single-family home sold last month was $242,557, compared with $297,812 in November 2007.
Other statistics show the total number of homes sold in the metro area dipped 14.9 percent from last year.
Through November, $11.2 billion worth of homes were sold in the metro area, down from $13.9 billion in the first 11 months of 2007.
Real estate agents say buyers are holding off because of the uncertain economy, while lower prices mean owners are reluctant to sell their homes, resulting in lower-priced, distressed homes on the market.
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Information from: Rocky Mountain News,
