Home sales up 5.3%!!!

Home sales up 5.3%!!! - The national real estate market got good news today when sales of existing homes jumped unexpectedly. So is this housing slide over? Denver, Colorado homes for sale inventory stood at 25,000 and sales of existing homes increased year over year at a 2.93% rate but the median price of Denver, Colorado homes has decreased in many Denver neighborhoods by over 10%. Has the local market turned the corner?We'll have to see...

Interestingly, prices of single family homes have fallen faster than those of condos. One plausible explanation for this anomaly could be the disproportionate price per sf that the Lodo & Cherry Creek condos and town homes command. A few high price per sf penthouse or loft sales may offset the dismal performance of many suburban condo sales.