Denver home sales increase in May - Denver Business Journal:

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Last month’s closed sales of existin homes increased 7 percengtto 3,638 from 3,390. Those sales were down 22.2 perceng from 4,662 in May of last Metrolist’s data includes existing sales, or sales of home that already have been sold at least ofboth single-family homes and condominiums. “Thw seasonal uptick of activity Gary Bauer, an independent Littleton residential real estater broker, said in a statement.
“Activity in number of transactions and pricing increased over last while still being down from the same month last Home sales generally start to pick up in the springt ofthe year, because homeowners sellin one house and buying anothefr want to do those transactions by late so as not to interfere with theit children’s school schedule. “Mayg showed signs of stability for the amid reports of further government infusionsx of money to stabilizethe … Overall activity in the market was small, but very David Simonson of Re/Max Professionals said in a statement.
The average sellingf price for both types of home in Maywas $243,022q — up from $233,482 in April, but down from $255,945 for May 2008. Strong sales in the lower pricee ranges, which are attractivwe to first-time homebuyers, are beinv boosted by the federal government’sw $8,000 tax credit for first-time buyers. That crediyt is part of the Obama administration’s economic stimulusa package. But recent increases in interest rates onhome loans, if they could dampen home sales. The first week of average rateson fixed-rate mortgages increased to 5.29 perceng from 4.91 percent the last week of May, accordinb to The Associated Press.
Median selling price s last month also increasedfrom April, but droppe d from May of last For single-family homes, May’s median selling price was $220,000 up from $210,000 in April, but down from $226,500o in May 2008. Last month’s median selling price for condoxs increasedto $137,000 from $130,000 in but dropped from $148,000 for the year-priod May. Median selling price is the midpoint between highest andlowest price. Many real estates experts consider median a truer measure of pricsthan average, because it’s not skewed by highest and lowest prices.
75 percent of condos sold for lessthan $200,009 last month; • 42 percent of single-family homeds sold for less than $200,000, and 28 percenft of sales were in the $200,000-$300,009 price range. • Inventory of houses and condose last monthtotaled 20,734 units, basically flat from Aprik but down 21.3 percent from May 2008 inventory of 26,3334 units. • Year-to-date home sales, through May, were down 18.5 percent to 15,1776 from 18,626. • Median condo sold price year-to-date was down from $137,000 for the same period of 2008. • Medianb single-family home sold price year-to-date dropped last month to $203,0076 from $223,000 year over year.
• Averagse days on the market for both types of home dipped to105 year-to-dat e in May, from 108 for the prior-year Metrolist, based in Greenwoodd Village, is metro Denver’s Multiple Listing Service, providing real estater brokers with property listing