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Denver area home resales drop record 12%13 Jan

This is an good article about the drop in resale home sales in the last year.  Although last year was definitely slower than normal, things are looking up.  We ended 2009 with over 3000 fewer homes on the market than at the end of 2008.  Denver is also faring a lot better than many other cities.  We have a lower unemployment rate and our home prices have stabilized.

Metro Denver suffered a record drop in sales of existing homes in 2009 amid the recession and tight lending conditions.

But the year wasn’t a complete meltdown for the residential real estate market as inventory declined and prices stabilized.

For the year, 42,070 homes were sold in metro Denver, the fewest since 1997 and a 12 percent plunge from 47,837 in 2008, according to Metrolist data released Thursday. The biggest percentage drop previously was a 4 percent decline from 2007 to 2008.

Median prices of homes sold stood at $219,000 in 2009, compared with $219,900 a year ago.

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