Denver Home Sales Drop

Sales of homes and condominiums in the Denver area dropped dramatically in September, mirroring a trend throughout the country.

According to the Colorado Association of Realtors, the number of single-family homes and condos sold in September both dropped 18 percent from August.

The numbers released this week showed a lack of home loan demand in the city and state. There were 3,284 single-family homes sold in September compared, with 4,022 the previous month. The number of condominiums sold was 924 as compared with 1,132 sold in August.

The median price of a single-family home in the Colorado housing market fell 4 percent from $254,479 in August to $245,089 in September. The median price of a condo fell 2 percent from $162,435 to $158,833.

The steepest declines in home values and sales in the state occurred on the Western Slope, in Craig and in Cortez where single-family home sales dropped 35 percent and 41 percent, respectively.