John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... Homes in the Denver-Aurora metropolitan statistical areas overall gained 1.8 percent in the third quarter from the third-quarter 2008, bucking a national trend of prices falling, according to a National Association of Realtors report released today.
The 153 MSAs tracked by the NAR lost 11.2 percent overall, with the national median price of a single-family home falling to $177,900 from $200,400 a year earlier.
The Denver-Aurora area showed the biggest gain in the West. Only Yakima, Wash., where the median price rose by 2.7 percent, showed more appreciation in a Western region.
The Denver-Aurora area saw the median price in the third-quarter rise to $229,100 from $225,100.
In Boulder, the median price fell 0.9 percent to $358,300 from $361,500 and in Colorado Springs, the median price fell by 6.2 percent to $195,100 from $207,900.
Nationwide, 123 of 153 metropolitan statistical areas reported lower median existing single-family home prices in the third quarter comparison with the third quarter of 2008, while 30 areas had price gains.
Meanwhile, Colorado did not fare as well for home sales, according to the NAR.
Third-quarter home sales in Colorado were down 14.1 percent from the third-quarter of 2008, while overall sales increased 11.4 percent for the nation. These sales includes single-family homes and condos.
Nationwide, there were 5.3 million units sold, when adjusted seasonally, compared with 4.76 million a year earlier.
Lawrence Yun, chief economist for the NAR, said the home buying tax credit is a significant factor for boosting sales.
“We can’t underestimate just how powerful a catalyst the first-time home buyer tax credit has been for the housing sector,” Yun said. “It’s given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions. The buying conditions this year are the most favorable on record dating back to 1970, but the tax credit is allowing buyers to set aside any reservations about waiting for a better deal.”
Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.
What good news? LOL. As a real estate professional, I have always read John's articles. I am glad there is a new forum and look forward to more!
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