Denver-area home sales fell 3.9 percent in September from a month earlier and were down 23.1 percent from a year ago, according to a monthly report released Friday.
The closed-sale numbers reflect the end of summer as well as the weakly recovering economy, said Gary Bauer, an independent real estate analyst who publishes the report based on data from Metrolist Inc. Homes under contract fell even more steeply, down 8.1 percent from August and 30.3 percent from a year ago.
“What’s going on with the economy now is that, unless you have to be in the housing market, you’re not in the housing market,” Bauer said. “Consumers are focused on today. They’re not sure if they’re going to have a job tomorrow.”
But it could be worse, he said. Denver’s housing market didn’t fall as sharply as cities on the coasts during the last three years, and it’s showing signs of life. Inventories are not exceptionally high, Bauer said, and sales prices are up over last year since foreclosed properties aren’t weighing as heavily on the market.
Home sales were up sharply earlier this year when the federal government was offering credits for first-time and move-up buyers. The credits expired in April and the sales numbers have since fallen below last year’s levels. Greg Griffin, The Denver Post
