Denver Median Home Price Increases For The Ninth Consecutive Month

Denver Median Home Price Increases For The Ninth Consecutive Month
Published on:
Tuesday, August 17, 2010
Written by:
DQNews

First time home buyers, and buyers using FHA-insured loans, made up nearly half of all home sales in the Denver area for June 2010. Median sales prices, in June, for both new and resale homes were up from May as well, compared to the same period last year. The gain represented the ninth consecutive month of median price increases. See the following article from DQNews for more on this.

Denver real estate
Downtown Denver
Denver-area home sales picked up in June but remained well below average. A total of 4,881 new and resale houses and condos closed escrow in June across the eight-county Denver-Aurora metro area. That was up 12.8 percent from May and up 6.7 percent from a year earlier, according to MDA DataQuick of San Diego. The firm tracks real estate trends nationally via public property records.

June sales were 22.6 percent below average for the month and were the second-lowest for any June since at least 1998, when DataQuick's complete Denver-area statistics begin.

The median price paid for all new and resale houses and condos combined in June was $217,740, up 2.1 percent from $213,000 in May and up 3.6 percent from $210,000 in June 2009.

June's median was 12.2 percent lower than the Denver area's peak $247,569 median in June 2006. The overall median has risen on a year-over-year basis for nine straight months.

Absentee buyers, a group that includes investors, accounted for 17.7 percent of June home sales, while buyers who appeared to have used cash represented 20.0 percent of sales. First-time buyers and others using government-insured FHA loans accounted for 48.3 percent of sales.

In neighboring Boulder County, sales in June totaled 573, up 12.1 percent from May and up 7.7 percent from a year earlier. The median price paid for all homes sold in June was $320,500, up 11.3 percent from May and up 9.5 percent from a year earlier.

The Denver metro area statistics in this report and in the table below reflect sales in Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Jefferson and Park counties.

This article has been republished from DQNews. You can also view this article at DQNews, a real estate research and news site.