Sales of existing homes in metro Denver were down in October compared with the same month a year ago, but median sales prices for both single-family homes and condos increased, according to data released Friday.
A total of 3,958 homes sold in October, down 7.6 percent from last year but up 2.9 percent from September, according to Metrolist data.
Meanwhile, median prices for single-family homes rose 7.7 percent to $222,000, compared with $206,000 a year ago. Condo prices increased 3.5 percent to $135,000, compared with $130,300 in the same month last year.
“It’s not robust, but it’s a good market,” said independent real estate analyst Gary Bauer. “There’s a lot of pent-up demand. People are still looking for homes.”
The number of homes on the market declined 18.1 percent to 18,945 compared with the same time last year.
The extension of the $8,000 tax credit for first-time homebuyers and expansion to include a $6,500 credit for buyers who have owned their existing homes for at least five years can only help the market, local experts said. President Barack Obama signed the measure Friday.
“This will give buyers a reason to move from a $300,000 house to a $400,000 house or $400,000 to $500,000,” said Chris Mygatt, president and chief operating officer of Coldwell Banker Residential Brokerage. “That’s where there’s some really good value now is in the move-up market.”
Meanwhile, Colorado’s comparatively low September unemployment rate of 7 percent also should help to prop up the housing market.
“What keeps people in homes is having a job,” Mygatt said. “Loan modifications and low interest rates are great, but at the end of the day people have to have jobs.”
The homebuyers tax-credit measure also includes provisions to extend unemployment benefits and a tax break for businesses that are losing money.
“Extending the unemployment benefits will allow people to stay in their homes until they can find employment,” Bauer said.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
