Denver-metro home sales continued to drop in October, but median home prices held steady, according to a report Monday from real-estate analyst Gary Bauer.
The number of properties that closed in October fell to 2,842 from 2,958 in September, a 3.9 percent decline. Compared with October 2009, home sales are down 28.2 percent.
The number of properties under contract, an indicator of future activity, rose 1.4 percent to 3,706 during the month. But that number is down by 24.5 percent from October 2009.
The inventory of unsold homes on the market stood at 21,851 in October, down 6.3 percent from the 23,332 on the market in September.
The median price of homes sold was $230,250, slightly above last month’s $230,000.
A flurry of homebuying to beat the expiration of a first-time homebuyer credit last fall distorts year-ago comparisons. That credit was extended until April. Homebuying has been subdued since, despite record-low mortgage rates. The Denver Post
