Experts point to traditional slowdown in the real estate market in late summer
By Saul F. Rosenthal
Special to The SUN
Home sales were lower throughout most of the state during July, according to market statistics released by the Colorado Association of Realtors (CAR).
After six consecutive months of steady movement upward, sales of single-family homes declined 4 percent to 8,700 and condominium/townhouse sales were down 2 percent to 2,761compared to June. Even so, those figures compare very favorably to July 2014 (up 5 percent for single-family homes and up 13 percent for condominiums/townhouses). A drop in home sales at this time of year is common, according to Realtor experts, often due to summer vacations and families preparing for the start of a new school year.
The statewide median price of a single-family home decreased to $310,000 (from $315,000 in June) and went down to $215,100 (from $219,700 in June) for condominiums/townhouses. Similar declines appeared in most areas of the state, suggesting that the aggressive price increases characteristic of the last two years may be slowing down or leveling off. Low inventory continues to be a serious issue in all areas of the state, though with fewer buyers in the market last month, the real estate environment is not quite as competitive and homes are not selling as quickly.