Denver Area June Home Sales

The number of homes sold in the Denver region during June rose year-over-year for the fifth month in a row, reaching a five-year high for that month. The median sale price increased nearly 10 percent from a year ago to the highest level for any month in five years, a real estate information service reported.

A total of 5,130 new and resale houses and condos closed escrow in June across the eight-county Denver-Aurora metro area. That was up 5.7 percent from the prior month and up 19.0 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

June home sales were 15.8 percent below average for all months of June since 1998, when DataQuick's complete Denver-area statistics begin. However, resales of houses and condos (excludes new-home sales) were just 5.0 percent below average for a June, while new-home sales were nearly 63 percent below average for the month.

During the first six months of this year Denver-area home sales totaled 22,869, up 17.5 percent from the same period last year.

The Denver metro area statistics in this report and in the table below reflect sales in Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Jefferson and Park counties.

The median price paid for all new and resale houses and condos sold in the Denver region during June was $241,550, up 4.1 percent from the month before and up 9.8 percent from a year earlier. The median sale price has risen year-over-year for the past four months. June's median was the highest for any month since June 2007, when the median was $245,000.

An alternative price gauge analysts track, the median price paid per square foot for resale single-family detached houses, rose to $151 in June. That was up 3.0 percent from the prior month, up 2.2 percent from a year ago and was the highest for any month since it was also $151 in October 2007. June was the sixth consecutive month with a year-over-year gain in the median price paid per square foot.

The region's larger counties recorded the following year-over-year changes to their median price paid per square foot in June for resale houses: Adams County, up 11.7 percent; Arapahoe County, up 12.7 percent; Denver County, up 13.5 percent; Douglas County, up 3.4 percent; and Jefferson County, up 3.3 percent.

Absentee buyers, a group that includes investors and vacation-home buyers, accounted for 20.7 percent of Denver-area June home sales. That was down from 22.8 percent the month before and up a hair from 20.6 percent a year earlier. The record was 31.2 percent in February this year. Absentee buyers paid a median $166,699 in June, up 19.1 percent from a year earlier.

Buyers who appeared to have bought with cash represented 24.1 percent of June sales, down from 25.2 percent the prior month and up from 23.2 percent a year earlier. The figure peaked at 32.8 percent this February. All-cash buyers paid a median $174,131 in June, up 18.9 percent from a year earlier.

Government-insured FHA loans, which are popular with first-time buyers and others using low down payments, accounted for 27.8 percent of all home purchase loans used in June. That was down from 31.0 percent the month before and down from 32.3 percent a year earlier. FHA use in the current cycle peaked at 53.4 percent of all purchase loans in November 2009.

In neighboring Boulder County, 622 new and resale houses and condos sold in June, up 3.8 percent from the prior month and up 27.7 percent from a year earlier.

The median price paid for all homes sold in Boulder during June was $329,000, down 5.9 percent from the prior month and up 1.7 percent from a year earlier.

Denver Metro Area

Number of sales Jun-11 May-12 Jun-12 YOY % Chng
Resale houses 3,139 3,623 3,762 19.80%
Resale condos 758 872 945 24.70%
New homes 413 357 423 2.40%
All homes 4,310 4,852 5,130 19.00%
         
Median sale price Jun-11 May-12 Jun-12 YOY % Chng
Resale houses $230,000 $242,000 $252,000 9.60%
Resale condos $125,000 $136,578 $145,000 16.00%
New homes $301,768 $339,787 $319,350 5.80%
All homes $220,000 $232,000 $241,550 9.80%

 

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

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