By Saul Rosenthal
Special to The SUN
Fewer homes were sold in Colorado during August, the second consecutive month this year to see declining sales, according to market statistics released this week by the Colorado Association of Realtors (CAR).
The 10,657 properties sold last month represent an 8-percent decrease over July. From June through August of this year, total home sales declined statewide 11 percent. Even so, sales year-to-date are up 7 percent for single-family homes and 14 percent for condominiums/townhouses compared to the first eight months of 2014.
Realtors consistently report that low inventory is currently the single most challenging factor in Colorado’s housing market. At the end of August, there were 29,116 properties available for purchase in the state, down 24 percent from August 2014 and down 7 percent from July of this year. Statewide, that inventory should last just three and a half months for single-family homes and two and a half months for condominiums/townhouses, well below the five to seven months that experts say are needed for a balanced market.
The statewide median price of a single-family home decreased to $307,200 during August, a drop of 1 percent compared to July and down 3 percent from the year’s high of $316,000 set in June. Meanwhile, the median price of a condominium/townhouse statewide rose 2 percent in August to $220,000, matching the year’s highest level set in May. Year-to-date, every region of Colorado is showing increased prices compared to last year.