Home/Mortgages/Denver Experiences Seasonal Home Sales Increase in June

August 9, 2011 (Shirley Allen)

Home sales in Denver experienced seasonal increases from May to June but were at the lowest levels for a June in 13 years according to real estate information provider DataQuick. Home prices increased year-over-year for the second month in a row.

A total of 4,285 new and resale homes and condos closed escrow in the Denver-Aurora metro area in June. Sales were 13.5 percent higher than May, but were 12.3 percent lower than June of 2010.

Home sales in the region typically increase 14.4 percent between May and June, but this month’s total sales were still 44.9 percent below average for June sales. It was the lowest level of combined home sales for any June since 1998.

Cash buyers were responsible for 23.2 percent of the purchases in June and paid a median price of $161,250 for those homes.

Absentee buyers, usually investors and vacation homebuyer’s, accounted for 20.6 percent of all homes sold in June, down from 22.8 percent in May, but still up from 17.7 percent a year earlier.

The overall median price paid for new and resale homes and condos in June was $220,000, which was up 2.3 percent from May and also up 1.2 percent from June of last year.

The current median price is 11.1 percent below the peak median price of $247,569 in June 2006.

Short sales represented 9.7 percent of sales in June. That was up from 9.5 percent in May, but was down from 11.2 percent of sales in June of 2010.

Tags: DataQuick, existing home sales, Denver, distressed properties, resale homes, condos, cash buyers, investors, median price