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Denver Home Resales Rose 20% in May from 2009

Federal homebuyer tax credits continued to boost sales in the Denver area home resale market in May. Completed sales transactions of both resale houses and condos totaled 4,365 in the metro area, up 20 percent from May 2009, according to Metrolist Inc.

Average and median sold prices for homes also increased year over year. The average sold price rose 4.3 percent to $273,285. The median sold price increased 4.6 percent to $230,000. In addition, houses were on the market for sale an average of 75 days, down nearly 9 percent from May 2009 and down 5 percent from April this year.

The federal government, as part of the Obama administration’s economic stimulus program, offered a tax credit last year and early this year for as much as $8,000 to first-time homebuyers and a credit for repeat homebuyers, also called the move-up credit, of as much as $6,500. Both credits expired April 30 for home sales that must be completed, or closed, by June 30.

While the federal homebuyer tax credits caused the upsurge in resales in April and May, their expiration on April 30 also contributed to the 27 percent decrease in the number of homes put under contract for purchase in May year over year.

Unsold resale homes still on the market rose 6.2 percent year over year to 22,016. Brokers view this as a positive sign of greater consumer confidence as reported by The Denver Business Journal. For the latest sales data visit our Denver market conditions webpage.

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