John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... The national median existing-home price for all housing types was $174,900 in September, which is 8.5 percent lower than September 2008.
But Denver was bucked that downward trend last month.
The median price of a single-family home sold in September was $225,000, 4 percent higher than the $216,150 in September 2008, according to an earlier report by independent broker Gary Bauer. And the median price of a condo sold in September in the Denver area was $145,000, 3.645 percent higher than the $139,900 in September 2008.
Nationally, distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area, according to NAR.
In Denver, move-up buyers are starting to return to the market, Bauer and other experts say. In addition, bidding wars are erupting for lower-end homes on a regular basis, which also drives up the overall prices.
Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.
