Metro home sales rise, prices dip
Metro home sales rise, prices dip
By Margaret Jackson
The Denver Post
The number of homes sold in July increased over the same month last year, but median prices for both single-family homes and condos dropped significantly.
The number of homes sold increased 2.95 percent compared to July last year, according to numbers released today by Metrolist.
The median price for a single-family home plunged by 10.12 percent compared to last year. The median price for a condo dropped 5.7 percent.
The decline in median prices is likely a result of investors buying foreclosed properties at steeply discounted prices, said Mike Cox of ReMax Professionals Inc.
"A lot of the properties aren't turnkey ready," he said. "If you take all the appliances out and really beat it up, it's easy to find a 10 percent adjustment."
The inventory of 25,673 homes on the market was stable compared to last month, dipping just 1.65 percent, a sign that the market is recovering, Cox said. But compared to last year, it's down 15.9 percent.
"If we have this huge foreclosure problem, why aren't our inventory numbers higher?" Cox said. "That's why I think we're seeing signs of recovery."