July 2016 was strong for housing along the Front Range. Most markets continued to see an increase in median sold prices for single-family homes (detached and attached). The Fort Collins-Loveland dropped 14.8 percent, which could be viewed as simply a “settling” into a more realistic and sustainable price point.
The average Days on Market (DOM) held at 20 for the Front Range, while the overall median sold price dropped from $360K to $350K due to the FOCO/Loveland decrease.
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Sales of existing homes in May roared ahead to set a record-breaking pace, the highest in almost a decade. Increased demand and lagging supply resulted in an all-time high median sales price.
Total existing home sales grew 1.8 percent, according to a report by the National Association of Realtors (NAR). Adjusted seasonally, that translates to an annual rate of 5.53 million single-family homes, townhomes, condominium and co-ops. Sales are up 4.5 percent from May of 2015 and beat the record of 5.79 million set in February 2007.
Continue reading Record-Breaking Sales Spur the Housing Market
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