For the fourth consecutive month, the number of existing homes sold has increased, a sign that Denver’s housing market has hit bottom and is bouncing back, according to real estate experts.
Sales of previously owned homes increased 7 percent in May to 3,628, according to Metrolist data released Friday. While that’s still down 22 percent from last year, the month-over-month increase is encouraging.
“We might be able to officially say we saw the bottom,” real estate analyst Gary Bauer said. “When did it happen? I’m not quite sure, but we’ve got a couple of months where we’ve had a nice rise.”
While still down from last year, median prices for single-family homes and condominiums also are on the rise, according to the data. The median price for a single-family home rose 4.8 percent in May to $220,000, compared with the previous month. That’s still down 2.7 percent compared with last year.
Forty-two percent of homes sold went for less than $200,000, and 28 percent were in the $200,000-to-$300,000 range.
For condos, the median price increased 5.4 percent in May to $137,000, compared with April. But it’s down 7.4 percent compared with the same time last year.
Thirty-six percent of condos sold went for less than $110,000 and 75 percent brought less than $200,000.
First-time buyers who close on a home by Dec. 1 can get a tax credit of up to $8,000. Bauer said there are now programs in place that allow first-time buyers to get the credit almost immediately.
“There are a lot of first-time homebuyers taking advantage of the potential for the tax credit,” said Dave Simonson, a broker with Re/Max Professionals Inc.
The number of unsold homes on the market remained steady in May at 20,734. That’s down 21.3 percent compared with the same month last year.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
